The Organization of the Petroleum Exporting Countries and Allies including Russia (OPEC+) will meet on September 5 to determine the world's oil production quota.
According to internal sources, OPEC+ is expected to maintain production quotas for October while other sources say output will be reduced to help boost prices amid fears of an economic slowdown.
The essence of the meeting will be to discuss the problem of reducing demand and the return of Iranian crude oil if Tehran succeeds in obtaining its nuclear work agreement with world powers.
As an understanding if Tehran's sanctions are eased, Iran's crude oil will add 1 million barrels per day or 1% of global demand.
In the meantime, OPEC's main producer, Saudi Arabia, last month presented the possibility of production cuts to deal with excessive price declines.
It suggests there are ongoing oil supply problems with OPEC countries producing output below targets and Western power sanctions threatening Russian exports.
Speaking of Russia, the country is said to stop supplying oil to Western powers that support the idea of sanctions during the military conflict in Ukraine.
