OPEC+ Panel Likely to Maintain Steady Oil Policy: What It Means for Investors and Businesses in Oman
LONDON/MOSCOW: An OPEC+ panel is unlikely to change its current plan to increase oil production when it meets on Monday, according to four delegates from the group. They highlighted that the producer coalition is focused on regaining market share, aided by strong summer demand absorbing the additional output.
The Joint Ministerial Monitoring Committee (JMMC), comprising top ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, is scheduled to convene at 12:00 GMT on Monday.
The four OPEC+ sources indicated that the meeting is expected to maintain the policy set for August, which involves eight members raising production by 548,000 barrels per day (bpd). However, another source suggested it was too soon to confirm any decisions.
Requests for comments from OPEC and the Saudi government’s communications office went unanswered.
OPEC+, responsible for about half of the world’s oil supply, has been limiting production for several years to support oil prices. This year, however, the group shifted strategy to reclaim market share. The move comes amid pressure from US President Donald Trump, who urged OPEC to increase output to help stabilize gasoline prices.
The same eight OPEC+ producers are scheduled to meet separately on August 3, where they are also expected to approve an additional 548,000 bpd increase for September, according to three sources. This would effectively reverse the most recent production cut of 2.2 million bpd and would include the UAE delivering a 300,000 bpd quota increase ahead of schedule.
The JMMC meets bi-monthly and has the authority to recommend adjustments to OPEC+ production policies.
Oil prices have remained buoyant despite the output increases, supported by strong summer demand and the fact that some members have not fully met their target production hikes. Brent crude was trading near $70 per barrel on Friday. — Reuters
Special Analysis by Omanet | Navigate Oman’s Market
OPEC+’s firm decision to continue raising oil output in the near term signals confidence in sustained global demand, presenting both opportunities and risks for Omani businesses. Increased supply may pressure prices but also encourage higher export volumes, so smart investors should focus on optimizing operational efficiency and diversifying portfolios to weather potential price volatility while capitalizing on market share gains. Entrepreneurs can explore value-added services linked to oil production and downstream activities to leverage this evolving landscape.
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