OPEC and its allies are preparing to sign off on a further production increase of roughly 548,000 barrels a day for September, according to a delegate familiar with the talks. The final decision is scheduled for a teleconference on Sunday, 3 August, but members have already reached agreement in principle, the delegate said. The move would complete—one year ahead of plan—the group’s phased reversal of the 2.2 million-barrel-a-day voluntary cuts introduced in 2023. It would also mark the sixth consecutive monthly hike since April, underscoring a strategy shift by Saudi Arabia, Russia and their partners toward regaining market share even as traders fret about softening demand and the risk of fresh supply disruptions from Russia. Crude prices retreated ahead of the meeting. Brent settled at $69.67 a barrel on Friday, down 3.9% for the session, while U.S. West Texas Intermediate ended the week at $67.33—still about 9% higher for July. Analysts said an additional half-million barrels a day of supply could cap further rallies, though the alliance is leaving in place 3.66 million barrels a day of longer-dated voluntary curbs that run through 2026.