OPEC+ Set To Boost Oil Output By 548,000bpd Next Month
Reuters reported that the decision, expected to be formally confirmed at the ministerial meeting scheduled for 1100GMT on Aug 3, comes amid mounting concerns over supply disruptions from Russia and renewed geopolitical pressure from the West.
The move would complete the unwinding of a 2.2 million bpd production cut, with the United Arab Emirates permitted to increase its output by an additional 300,000bpd, according to the sources.
The oil alliance, comprising OPEC members and key partners like Russia, has gradually increased supply since April, starting with a 138,000bpd bump, followed by monthly hikes of 411,000bpd through July and 548,000bpd in August.
While the core cuts are now nearly fully restored, OPEC+ is still maintaining a voluntary reduction of 1.65 million bpd by eight members, along with a broader two-million-bpd group-wide cut, both of which are set to expire in 2026.
The output decision unfolds as Washington presses India to halt Russian oil imports, while new European Union sanctions have already prompted Indian state refiners to suspend purchases from Moscow. These developments have amplified uncertainty around future supply flows and market stability.
OPEC+, which accounts for roughly half of global oil production, is not expected to deliberate on the remaining voluntary cuts at the meeting.
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