The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait's oil minister said on Sunday, APA-Economics reports citing Reuters.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
"The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase," Mohammad Abdulatif al-Fares told Reuters on the sildelines of a government-sponsored event in Kuwait City.
Economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised, Fares added.
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