The Organization of the Petroleum Exporting Countries (OPEC) has denied that discussions are underway concerning a potential oil production increase by a group of eight OPEC+ member states. This statement follows the circulation of reports claiming a plan to raise output by 500,000 barrels per day for three consecutive months.
In a statement published on the X platform, the OPEC Secretariat confirmed that no talks had begun among the relevant ministers regarding the upcoming meeting. The organisation urged media outlets to maintain accuracy in their reporting to avoid unnecessary speculation in the oil markets.
Claims labelled “inaccurate and misleading”
OPEC described the media reports as “inaccurate and misleading”, without naming the sources involved. The clarification aims to counter any potential market volatility arising from unverified information about global supply adjustments.
Earlier reports stated that eight unnamed OPEC+ members were considering an accelerated withdrawal from previously implemented voluntary production cuts. According to a delegate cited in financial media, the upcoming October 5 meeting would provide a platform for these discussions.
A market context marked by tension
The oil market remains under pressure due to a fragile balance between supply and demand, amid geopolitical uncertainty and frequent production adjustments within OPEC+. Any indication of a policy shift within the group immediately affects futures markets.
OPEC+ includes OPEC member states along with other major producers such as the Russian Federation. The group regularly adjusts production volumes with the stated goal of stabilising international oil markets. The lack of official confirmation on the intentions of the eight countries mentioned leaves the market awaiting clarity at the next ministerial meeting.
