OPEC+ Considers Further Oil Output Increase in September Amid Market Rebalancing

OPEC+ has reportedly reached a preliminary consensus to increase oil production by 548,000 barrels per day in September, according to two sources within the group. This decision comes as the alliance concludes its largest phase of reducing output, amid concerns over potential supply disruptions from Russia. A formal announcement is anticipated during a scheduled meeting at 1100 GMT. The move occurs amidst renewed U.S. pressure on India to cease importing Russian oil, as Washington seeks to pressure Moscow into negotiating peace with Ukraine. Additionally, recent European Union sanctions have led Indian state refiners to halt Russian oil imports. Historically, OPEC+—responsible for approximately half of global oil production—had implemented years of supply cuts to bolster prices. However, this year, the group shifted tactics to regain market share, increasing production in April and subsequent months, including a 548,000 barrels per day boost in August. If approved, the September increase would fully unwind the previous 2.2 million barrels per day reduction, with the United Arab Emirates permitted to elevate its output by 300,000 barrels daily. OPEC+ continues to enforce voluntary c...