OPEC+ Set for September Oil Output Surge Amid Global Tensions

OPEC+ is set to boost oil output by 548,000 barrels per day in September, as the group wraps up its reversal of significant production cuts. Sources indicate that the decision will be made at an upcoming meeting scheduled to begin at 1100 GMT. The move comes amidst the ongoing geopolitical tensions and supply challenges arising from Russia.

The group, responsible for nearly half of the world's oil production, had been restricting output for years to support prices. However, in a bid to regain market share and under pressure from U.S. President Donald Trump, OPEC+ reversed this trend starting in April. The production increases included a humble rise of 138,000 bpd, followed by more substantial hikes through August.

With the anticipated September increase, OPEC+ would have fully rolled back its previous 2.2 million bpd cut while allowing the UAE a notable production boost. Although no new cuts were expected to be discussed at the meeting, existing voluntary and mandatory reductions persist until 2026.

(With inputs from agencies.)