OPEC and its allies are expected to sign off on another oil-production increase at their ministerial gathering on Sunday, according to people familiar with the talks. Delegates said the group is weighing an additional quota hike of up to 548,000 barrels a day for September, though the final number could be smaller. If approved, the move would lift the alliance’s total quota rises to about 2.5 million barrels a day in just six months, effectively accelerating the rollback of 2.2 million barrels a day in voluntary cuts a full year ahead of the earlier schedule. The Joint Ministerial Monitoring Committee reviewed the proposal last week but left the final decision to ministers. The outcome is being closely watched as Brent crude trades near $71 a barrel—below the level Saudi Arabia needs to balance its budget—and several members continue to undershoot their targets. Analysts warn that capacity constraints could limit the actual barrels reaching the market, yet a fresh quota increase would underscore OPEC+’s determination to recapture market share amid sluggish demand growth.
With Brent near $71, OPEC+ may accelerate its production unwind, adding 548,000 bpd in Sept. Yet risks loom: weak demand, underperformance, and 1.66M bpd still shelved until 2026—at least for now. #OPECplus #OilSupply #EnergyMarkets https://t.co/HYDmwGtsVn
#OPEC+ expected to raise oil production further on Sunday, sources say
Another month, another OPEC+ hike cycle announcement. Widely assumed that they'll finish up the cut unwind, lift quotas by 548 kbpd for September. 2.5 MMbpd quota increase in 6 months, compared to the early-2025 plan for a far more gradual 18-month increase. https://t.co/yDyljYr9a6