OPEC+ Weighs Further Oil Production Increases Amid Market Pressures

Eight members of the OPEC+ group are set to meet on Sunday to potentially increase oil production amid ongoing efforts to regain market share. Sources close to the discussion indicate that despite previous increases, which were intended to respond to U.S. pressure to lower oil prices, the desired effect has not been achieved.

Currently trading near $68 a barrel, oil prices remain high due to sanctions on Russia and Iran, which also encourage production expansions among competitors like the United States. Analysts suggest that another production boost would counteract previous cuts scheduled until the end of 2026.

As the OPEC+ coalition deliberates over October output targets, there remains uncertainty. While some insiders suggest that plans could be paused, firm decisions have yet to be made. OPEC headquarters and Saudi authorities have not commented, but the market remains closely watching these developments.

(With inputs from agencies.)