OPEC, non-OPEC to consider increasing output by 1.5 mln bpd in Q3

The OPEC and non-OPEC countries will discuss raising the oil output by 1.5 million barrels per day (bpd) in the third quarter only, TASS news agency reported, citing the Russian Energy Minister in Saturday.

Russia and Saudi Arabia have agreed on extending the OPEC+ deal for an unlimited period of time, which states any production regulation at any moment, Russian Minister Alexander Novak stated.

"I think that the framework is the same. It will simply be institutionalized, and will not specify particular volumes. Most likely it will stipulate the possibility of decision-making if needed," Novak said.

Both parties agreed on discussing the deal in Vienna's meeting on June 22, Novak noted according to TASS, which “will look into a number of options” to guarantee oil market rebalancing, an unnamed Gulf source said.

On Friday, Saudi Arabia and Russia generally agreed that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond for oil market monitoring and joint action in case of need.

OPEC and other oil producers agreed since 2017 to cut supply by 1.8 million barrels per day.