The group of OPEC and non-OPEC producers, led by Saudi Arabia and Russia, left the door wide open to any further production adjustment – in either direction – and to all sorts of forecasts and analyses by market watchers and investment banks. The volatile prices and the spikes in oil in June during the Israel-Iran war may have influenced buying for cargoes set to arrive in China in August and September, and these could be lower, due to the price hikes. India and Turkey are more vulnerable, and if they stop buying Russian oil, OPEC+ will have to tap into the last layer of 1.66 million bpd production cuts and return them to the market sooner than planned, which is by late 2026.
Author: Tsvetana Paraskova
Published at: 2025-08-05 22:00:00
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