OPEC+ mulls fresh oil output hike at upcoming meeting: Report

Logo of OPEC

OPEC+ plans to discuss another increase in oil production at its meeting on Sunday, in a move aimed at strengthening its position in the global market, a report said.

Any new hike would mark the start of rolling back a second portion of the group’s output cuts of around 1.65 million barrels per day (bpd), equal to 1.6% of global demand, more than a year ahead of schedule, Reuters reported Wednesday, citing sources familiar with the matter.

Some analysts and one OPEC+ source suggested the production hike could be postponed until October, adding that no final decision has yet been made.

Eight members of the alliance, which supplies about half of the world’s oil, are scheduled to meet online on Sept. 7 to decide on output levels for October.