The Organisation of Petroleum Exporting Countries and its allies(OPEC+) want to sustain market domination, so they are likely to approve another oil output hike.
According to sources familiar with the discussions, the producer group is still debating the final size of the increase for September.
The OPEC+, which pumps about half of the world’s oil, has curtailed production for several years to support the market.
But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded that OPEC pump more oil to help keep a lid on gasoline prices.
According to Oil and Gas 360, three sources said eight OPEC+ members could boost output by 548,000 barrels per day in September, while a fourth source familiar with OPEC+ talks said discussions on the volume were ongoing, and the hike could be smaller.
The OPEC and authorities in Saudi Arabia did not respond to requests for comment sent on Thursday.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
