OPEC+ agrees in principle another large oil output hike, sources say
A decision is expected at a meeting scheduled to begin at 1100 GMT, amid fresh U.S. demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine. Fresh EU sanctions have also pushed Indian state refiners to suspend Russian oil purchases.
OPEC+, which pumps about half of the world's oil, had been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more oil.
OPEC+ began output increases in April with a modest hike of 138,000 bpd, followed by larger hikes of 411,000 bpd in May, June and July and 548,000 bpd in August.
If the group agrees to the 548,000-bpd September increase, it will have fully unwound its previous production cut of 2.2 million bpd, while allowing the United Arab Emirates to raise output by 300,000 bpd.
OPEC+ still has in place a separate, voluntary cut of about 1.65 million bpd from eight members and a 2-million-bpd cut across all members, which expire at the end of 2026.
Sources have said previously the group had no plans to discuss other tranches of cuts on Sunday.
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