OPEC+ agreed in principle to boost oil output by 548,000 barrels per day next month, two OPEC+ sources said yesterday as the group finishes unwinding its biggest tranche of production cuts amid fears of further supply disruptions from Russia.
A decision is expected at a meeting scheduled to begin at 6pm, 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 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 US President Donald Trump demanded OPEC pump more oil.
Photo: Reuters
OPEC+ began output increases in April with a modest hike of 138,000 barrels per day, followed by larger hikes of 411,000 barrels per day in May, June and last month, and 548,000 barrels per day this month.
If the group agrees to the 548,000-barrels-per-day increase next month, it would have fully unwound its previous production cut of 2.2 million barrels per day, while allowing the United Arab Emirates to raise output by 300,000 barrels per day.
OPEC+ still has in place a separate, voluntary cut of about 1.65 million barrels per day from eight members and a 2 million-barrels-per-day cut across all members, which expires at the end of next year.
Sources have said previously that the group had no plans to discuss other tranches of cuts.
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