OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, as tighter supplies and resilient demand drive an oil price rally

A survey found that OPEC pumped 27.34 million barrels per day (bpd) this month, marking a decline of 840,000 bpd from June. This is the lowest output level since September 2021

OPEC’s forecast for 2024 will likely be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4 percent, an abnormally high rate as the world moved out of the pandemic

Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve

OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market

Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering

Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts

OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”

The OPEC and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market

The Organization of the Petroleum Exporting Countries has pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd from July’s estimate