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OPEC+ Seen Sticking to Planned Output Hike as Oil Prices Rebound

Updated on
  • Three-quarters of analysts, traders surveyed expect increase
  • The 23-nation alliance led by Riyadh is due to meet on Sept. 1
Oil pumping jacks in an oilfield near Almetyevsk, Russia.

Oil pumping jacks in an oilfield near Almetyevsk, Russia.

Photographer: Andrey Rudakov/Bloomberg

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.  

The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly installment when it gathers on Sept. 1, according to a Bloomberg survey of traders and analysts. Several OPEC+ delegates privately predict the same outcome.