Sudden! Rumor has it that OPEC+ is about to “take action”, and oil prices are falling rapidly in the short term

Six sources said OPEC+ will continue to increase oil production as planned starting in October due to disruptions in oil supply in Libya and promises by some member states to cut production to make up for overproduction to offset weak demand.

Affected by this news, crude oil fell sharply in the short term. WTI crude oil plummeted 3% during the day, and Brent crude fell to around $77.

Sources revealed that OPEC+8 member states plan to increase production by 180,000 b/d in October. This is part of the organization's plan to begin phasing out the latest round of 2.2 million b/d production cuts, while other production cuts will continue until the end of 2025.

The recent slowdown in demand growth has put pressure on oil prices and prompted some analysts to wonder if OPEC+ and its allies will increase production in October as planned. However, six OPEC+ sources said that as production cuts in Libya make the market tense and hopes that the Federal Reserve will cut interest rates in mid-September grow, OPEC+ is still planning plans to increase production.

One of the sources said, “There is a lot of uncertainty about demand, but there is also hope that the Fed's interest rate cut will boost economic growth.”

Saudi Energy Minister Prince Abdulaziz said earlier that if OPEC+ believes that the market is not strong enough, measures to increase production can be suspended or reversed.

OPEC+ has not scheduled any formal talks until the October 2 Joint Ministerial Monitoring Committee (JMMC) meeting. JMMC can make recommendations to the wider OPEC+ Group.