The OPEC+ alliance is pumped about half of the global oil production, Vienna on June 9, 2025 (Getty)
Three well -informed sources told Reuters today, Sunday, that the OPEC+ coalition intends to agree in its meeting next Sunday to a new increase in oil production by about 137 thousand barrels per day, as high oil prices pay the group to seek to continue to restore its share in the market.
Since April, the OPEC alliance+ changed the production reduction strategy and has already increased production shares by about 2.5 million barrels per day, equivalent to 2.4% of the total global demand, with the aim of strengthening its share in the market, under pressure from US President Donald Trump to reduce oil prices. Eight OPEC members+ will hold an online meeting on October 5 to decide on November production.
The OPEC+ alliance pumps about half of the global oil production, and it consists of the Organization of Petroleum Exporting Countries (OPEC) and partners including Russia. The main headquarters of the OPEC nor the concerned authorities in Saudi Arabia have not yet received suspension requests.
* What is the situation of oil prices?
Oil prices fell from more than $ 80 a barrel at the beginning of the year, but it has mostly remained within a narrow range between 60 and 70 dollars a barrel since OPEC started increasing production in April. Prices rose on Friday to the highest level since the first of August, to reach levels above $ 70 a barrel, taking advantage of the Ukrainian drones attacks on energy infrastructure in Russia, which disrupted refining and shipments from one of the largest oil exporters in the world.
The total group production cuts reached its peak at 5.85 million barrels per day from three different segments, including voluntary discounts of 2.2 million barrels per day, in addition to discounts of 1.65 million barrels per day of eight members and two million barrels per day from the entire alliance.
* The coalition discusses another increase
The eight producers intend to cancel the full voluntary cuts of 2.2 million barrels per day by the end of September. They decided to start in October to cancel the discounts of 1.65 million barrels per day, with an increase in production of 137 thousand barrels per day.
The OPEC+ UAE alliance granted the green light to start increasing production by 300,000 barrels per day from April to September. The three sources reported that the increase in November production, which will be discussed on October 5, will reach at least 137 thousand barrels per day, equivalent to the scheduled increase for October. The sources added that he has not made a final decision yet.
Analysts stated that OPEC+ increases did not achieve the pledged quantities because most members are already pumped at full capacity. It is scheduled to continue to cancel the third segment of discounts at the group level, amounting to two million barrels per day, until the end of 2026.
(Reuters)
