OPEC+ sticks to oil output policy, avoids debate on September plans

OPEC+ said on Thursday it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude.

At its last gathering on June 2, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.

Oil prices rocketed to their highest levels since 2008 after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine in February, which Moscow calls a “special military operation.”

Prices have slipped since then but were still above $115 on Thursday on tight supply and concerns that OPEC states had little extra capacity to raise output swiftly.