FX.co ★ OPEC may postpone its previously-scheduled increase in oil production

At its meeting next week, many expect OPEC to postpone its scheduled increase in oil production and supplies, since even though oil prices have already increased, demand has not yet met the needed figure to raise production. However, Iraq and the United Arab Emirates insist that all they need is to increase sales as quickly as possible.

"OPEC will fulfill its commitment to the market by adjusting to changing circumstances such as weak market demand," said Harry Tchilinguirian of BNP Paribas.

"Delaying the increase in production and supply by three months will help reach a general consensus faster without unnecessary resistance from participants who want to increase their production as soon as possible."

Meanwhile, other analysts say the delay should be six months or until the second half of 2021, while others predict the OPEC will postpone for only 1-2 months.

Postponing the scheduled increase in production will require the coalition to produce 7.7 million barrels of oil a day.