OPEC+ expected to raise oil production further on Sunday, sources say
The group has sped up output hikes in recent months citing low global stocks and rising demand. The meeting on Sunday, scheduled to begin at 11:00 GMT, comes amid fresh U.S. demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine. Fresh EU sanctions have also pushed Indian state refiners to suspend Russian oil purchases.
OPEC+ could boost output by as much as 548,000 barrels per day in September - similar to what it did in August, three sources familiar with OPEC+ talks said.
A fourth source said discussions on the volume were ongoing and the hike could be smaller. OPEC+ began output increases in April with a hike of 138,000 bpd followed by hikes of 411,000 bpd in May, June and July.
OPEC+, which pumps about half of the world's oil, had been curtailing 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 OPEC pump more oil.
OPEC and authorities in Saudi Arabia did not respond to requests for comment.
If OPEC+ agrees to raise production by 548,000 bpd in September, it will have fully unwound its previous production cut of 2.2 million bpd while allowing the United Arab Emirates to raise output by 300,000 bpd.
OPEC+ still has in place a separate voluntary cut of about 1.65 million bpd from eight members and a 2 million bpd cut across all members, which expire at the end of 2026.
OPEC+ won't release more oil after September, U.S. bank Goldman Sachs said this week, citing rising U.S. oil output, slowing global economic growth and a build up in oil stocks after the end of the driving season in September.
"It is too presumptuous to even start talking about the next phase of the voluntary cuts of 1.66 million bpd as those discussions haven't even started," said Amrita Sen, co-founder of Energy Aspects.
Benchmark Brent oil prices hit a five-week high of $73.63 a barrel this week on risks of Russian oil supply disruptions and on fears Moscow would retaliate by closing a major U.S.-led oil pipeline from Kazakhstan.
High oil prices typically catch Trump's attention and he has often demanded OPEC pump more to help him lower U.S. gasoline prices.
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