GulfBase Live Support
08/07/2025 03:40 AST
OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the UAE's move to a larger quota, five sources said.
The group, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower.
OPEC+ began to unwind cuts of 2.17 million barrels per day (bpd) in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed in May, June and July, despite falling oil prices.
On Saturday, the group approved a 548,000 bpd jump for August.
Five sources familiar with the discussions said on Monday the group is likely to approve an increase of around 550,000 bpd for September when it meets on August 3.
That will complete the return to the market of 2.17 million bpd from the eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria.
It will also complete an additional 300,000 bpd output jump from the UAE as the country moves to a larger production quota, the sources said.
The September boost if realised would bring total production increases since April to 2.47 million bpd or just under 2.5% of global demand.
The rise would see Saudi Arabia pumping close to 10 million bpd and UAE some 3.375 million bpd.
Opec+ has spurred bigger production increases since May, bringing forward the return of its own barrels to the market and effectively allowing the UAE to boost output quicker, returning to the original schedule of September 2025.
"As the group has decided to accelerate the unwinding process, the UAE is benefiting from this speeding up of the quota increases," said Richard Bronze from Energy Aspects.
OPEC+ still has separate cuts of 3.66 million bpd in place consisting of 1.66 million bpd in voluntary cuts and some 2 million bpd across all members, which expire at the end of 2026.
Reuters
Ticker | Price | Volume |
---|
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 68.51 | -0.34 | -0.49 |
WTI | 67.17 | -0.33 | -0.49 |
OPEC Basket | 69.85 | 0.06 | 0.09 |
07/07/2025
Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
Khaleej Times
03/07/2025
Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer US dollar and a mixed bag of economic and market indicators fro
Reuters
02/07/2025
Oil prices were slightly higher on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting, while also keeping an eye on negotiations betw
Reuters
01/07/2025
As the Iran-Israel ceasefire continues to hold after the Islamic republic's barrage of missiles fired at a US base in Qatar last week, the global oil market is once again looking past the geopolitica
Khaleej Times
29/06/2025
Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evapor
Reuters