OPEC+ Agrees in Principle to Another Bumper Supply Increase
An employee looks out across oil pipes used for refined oil at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
OPEC+ has agreed in principle on another bumper oil production increase for September, according to a delegate, completing the revival of a halted supply tranche as the group moves to reclaim global market share.
Saudi Arabia and its partners plan to ratify the addition of 548,000 barrels a day for next month when they hold a video conference on Sunday, the delegate said. The increase would complete the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and includes an extra allowance being phased in by the United Arab Emirates.