Unsettled supply news: Output boost held back for now – Commerzbank

News of the supply made headlines this week. Libya’s production losses initially increased from day to day, reaching 700 thousand barrels per day.

OPEC+ continues its efforts to stabilize prices

“In the second half of the week, after an agreement became evident between the conflicting parties in the east and west of the country, the first oil producers reported an increase in production. In addition, there were other survey-based estimates for OPEC production in August.”

“According to Bloomberg, this was only 70 thousand barrels per day less than the previous month: there was a decrease of 150 thousand barrels per day for Libya (Reuters had reported a decrease of 220 thousand barrels per day at the beginning of the week). ), but this was partially offset by growth in Nigeria and Kuwait. Iraq’s daily production remained well above the target of 4.3 million barrels.”

“Last but not least, OPEC delegates kept the market in suspense: Speculation over whether OPEC+ will now withdraw October’s voluntary production cuts or extend curbs again eventually – and if so, until – lingered than expected. The final agreement on a two-month delay has so far only helped oil prices to a limited extent – after all, ‘delay is not undone’, but it shows that OPEC+ is continuing its efforts to stabilize prices.”