Bank of Canada: If market stability is affected, Saudi Arabia may change OPEC+ production increase plan

On September 3, Kinsey Data, Royal Bank of Canada’s Capital Market, Helima Croft, said that if OPEC+'s gradual production increase plan proves to be destabilizing the market, Saudi Arabia may decide to adjust the organization’s production increase strategy. ‘Given that the majority of the increase comes from Saudi Arabia, we believe there is still a certain dynamic of single decision-making when the increase enters the market,’ she added. Due to ongoing demand concerns, a cautious approach for OPEC+ is to delay the plan, but the organization may consider that the upcoming rate cut in the United States and the decline in Libyan production will leave more room for the market.