OPEC+ Considers Oil Output Boost as Global Market Awaits Decision
OPEC+ is poised to approve another increase in oil output, with discussions ongoing about the final volume for September. The group, which provides half of the world's oil, has shifted its production strategy this year to reclaim market share amid pressure from U.S. President Donald Trump.
As global anticipation builds, OPEC+ is expected to authorize a new increase in oil production, with insiders indicating a decision is imminent on Sunday.
The coalition, responsible for producing around half of the global oil supply, had previously slashed production to stabilize the market. However, this year marked a shift as the group strives to regain lost market share. This change comes in response to U.S. President Donald Trump's demands for increased oil output to control gasoline prices.
While sources suggest eight members could raise production by 548,000 barrels per day in September, deliberations on the exact volume continue. OPEC and Saudi authorities have yet to comment on the matter.
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- market
- production
- Saudi Arabia
- gasoline
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