The 8 opec+ states offering the voluntary cut will meet at 13:00 Vienna today. #OOTT #Opec
OPEC+ agrees in principle to raise oil output by 548,000 bpd in Sept, sources say https://t.co/D2v3fgTvwp https://t.co/D2v3fgTvwp
OPEC+ voluntary production cuts are done. OPEC+ crude exports since the truncated production increase started in April have been flat. The real supply increase will come in September. Saudis are in control, but there are caution signals flashing. https://t.co/QS3JA7YzS8 https://t.co/3DzxQCViqy
OPEC and its allies have reached a preliminary accord to raise collective crude production by about 548,000 barrels a day in September, according to people familiar with the discussions. The increase would unwind the last portion of voluntary curbs adopted by eight member states in 2023 and marks a shift toward recapturing market share after months of constrained supply. The agreement follows talks in Riyadh this week between Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak, who co-chair the producer group. The two officials reviewed oil-market conditions and future cooperation within the OPEC+ framework, setting the stage for a broader deal on output policy. Delegations from the eight countries that have been implementing the voluntary cuts are due to convene in Vienna at 13:00 local time on Sunday to ratify the proposal. If confirmed, the extra barrels would arrive as analysts warn of a potential supply surplus later in the year amid slowing demand growth.