Opec+ agrees in principle another large oil output hike: sources
A decision is expected at a meeting scheduled to begin at 11 am GMT, amid fresh US demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine. Fresh European Union sanctions have also pushed Indian state refiners to suspend Russian oil purchases.
Opec+, which consists of the Organization of the Petroleum Exporting Countries (Opec) and its allies, pumps about half of the world's oil.
It has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as US 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 two 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. REUTERS
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Business Times
28 minutes ago
- Business Times
South Korea, US prepare for summit with details of trade deal unresolved
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Straits Times
42 minutes ago
- Straits Times
South Korea, US prepare for summit with details of trade deal unresolved
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CNA
an hour ago
- CNA
Oil falls as OPEC+ proceeds with September output hike
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