OPEC+ has in principle reached an agreement to increase oil production by 548,000 barrels per day in September, two sources within the organization said on Sunday. This move effectively marks the end of the largest tranche of production cuts introduced earlier amid concerns over potential new supply disruptions from Russia.<\/p>\n\n\n\n
The official decision is expected to be made at a meeting scheduled for 11:00 GMT, against the backdrop of new U.S. demands for India to stop purchasing Russian oil. Washington is intensifying pressure on Moscow in an effort to push it toward a peace deal with Ukraine. Meanwhile, new EU sanctions have already forced some Indian state-owned refineries to suspend purchases of Russian crude.<\/p>\n\n\n\n
OPEC+, which controls about half of global oil production, has for years deliberately limited supply to support prices. However, this year the cartel shifted its strategy and began increasing production to regain lost market share. The shift has also been influenced by pressure from the U.S., particularly from President Donald Trump, who has called for higher oil output.<\/p>\n\n\n\n
Since April, OPEC+ has gradually increased production\u2014first by 138,000 barrels per day, then by 411,000 barrels in May, June, and July, and by 548,000 barrels in August.<\/p>\n\n\n\n
If output does indeed rise by another 548,000 barrels per day in September, the group will have fully reversed the previous cut of 2.2 million barrels per day. Additionally, the United Arab Emirates will be allowed to increase production by 300,000 barrels per day.<\/p>\n\n\n\n
Despite the gradual restoration of output, voluntary cuts are still in place within OPEC+: about 1.65 million barrels per day for eight countries and 2 million barrels for all members. These restrictions remain in effect until the end of 2026.<\/p>\n\n\n\n
According to sources, no further changes to production cuts are expected to be discussed at Sunday\u2019s meeting.<\/p>\n","protected":false},"featured_media":5166,"template":"","acf":[],"yoast_head":"\n