OPEC+ could reconsider increase, Kuwait oil minister

OPEC+ nations could be reconsider the increase that they announced last month in the upcoming Sept. 1, Kuwait's oil minister told Reuters.

"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 told the agency.

OPEC+, will meet on the first of September to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.