OPEC+ Accelerates Oil Output Amid Compliance Challenges

OPEC+ plans to increase oil production by up to 2.2 million barrels per day by November, as Saudi Arabia enforces stricter compliance among members. The shift, signaling a change in Saudi policy towards expanding market share, comes ahead of U.S. President Trump's visit to Saudi Arabia.

OPEC+ is set to increase oil output by up to 2.2 million barrels per day by November, according to insiders. This move, led by Saudi Arabia, aims to enforce stricter compliance with production quotas among member countries such as Iraq and Kazakhstan, which have been exceeding their limits.

The decision to hike production, initially agreed upon in April, shocked markets as it came amid weak prices and declining demand. Saudi Arabia's policy shift towards market expansion marks a significant change after years of attempts to stabilize oil prices through production cuts.

The developments unfold as U.S. President Donald Trump prepares to visit Saudi Arabia to discuss weapons and a nuclear deal, amidst domestic pressure to reduce gasoline prices. Analysts predict that unless compliance improves, OPEC+ will continue its accelerated output increases, potentially impacting global oil prices.

(With inputs from agencies.)