LONDON: OPEC+ is reportedly preparing to approve another increase in crude oil production, with sources saying the group is considering raising daily output by around 188,000 barrels from September.
According to reports, the planned increase would mark the final step in the gradual unwinding of voluntary production cuts introduced in 2023. Following the September increase, OPEC+ could temporarily pause further production hikes for the remainder of the year, according to sources.
Major OPEC+ producers, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, have been increasing their production quotas on a monthly basis this year.
The group is also reviewing the production capacity of its member countries as it prepares to establish new output quotas for 2027. Some members, particularly Iraq, are seeking higher quotas to reflect their growing production capacity.
Energy analysts are closely watching the potential decision, as any change in OPEC+ output could have a significant impact on global crude oil prices and supply conditions.
The move comes as the oil market continues to assess the balance between rising production and global demand, with OPEC+ decisions remaining a key factor in determining the direction of international energy markets.
