OPEC+ agreed in principle to boost oil output by 548,000 barrels per day in September, two OPEC+ sources said on Sunday, while a decision is expected at a meeting scheduled to begin at 1100 GMT, according to Reuters news agency.
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+ began output increases in April with a modest hike of 138,000 bpd, followed by larger hikes of 411,000 bpd in May, June and July and 548,000 bpd in August.
If the group agrees to the 548,000-bpd September increase, it will have fully unwound its previous production cut of 2.2 million 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.
