OPEC+ to weigh further oil output hike at Sunday meeting
OPEC+ is set to consider raising oil production again at a meeting on Sunday as the group seeks to claw back market share despite prices holding near $70 a barrel.
The alliance — which includes OPEC, Russia and other producers — reversed years of output cuts in April and has already increased quotas by around 2.5 million barrels per day (bpd), equal to 2.4% of global demand. The move was partly driven by U.S. pressure to ease oil prices, News.Az reports, citing Reuters.
So far, however, the increases have not delivered cheaper fuel, with Western sanctions on Russia and Iran helping keep prices high. Brent crude traded near $68 on Wednesday, down 1% on the day but well above its April low of about $58.
Another production hike would bring forward the unwinding of an additional 1.65 million bpd of cuts — initially scheduled to stay in place until the end of 2026. Eight OPEC+ nations will join Sunday’s online meeting, which will set October’s output levels.
Some analysts and an OPEC+ source said the group could still opt to pause increases in October. OPEC headquarters and Saudi authorities have not yet commented.
At its last meeting in August, OPEC+ boosted September production by 547,000 bpd, part of an early reversal of deeper cuts alongside extra output from the United Arab Emirates.
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