OPEC+ unlikely to change oil output policy at Aug. 1 ministerial meeting, sources say

One of the three OPEC+ sources said the meeting would serve as a ‘pulse check’ for the health of the market

A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group’s output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters.

Oil has risen in 2024 and was trading around $85 a barrel on Thursday, finding support from Middle East conflict and falling inventories. Concern about higher for longer interest rates and demand has limited gains this year. At its last meeting in June, OPEC+ agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts – a 2.2 million bpd cut by eight members – by three months until the end of September 2024.

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