OPEC+ Weighs September Oil Output Boost Amid Global Pressures

OPEC+ members are expected to approve an oil output increase for September, amidst debates on the hike size due to concerns over Russian supply disruptions and demand decreases. Recent months have seen accelerated output rises in response to low stocks and increasing demand.

Eight members of OPEC+ are anticipated to agree on an oil output increase for September, sources revealed, with discussions ongoing about the exact scale of the boost. This decision comes amid concerns about potential supply disruptions from Russia and a seasonal demand decline.

The group's accelerated output hikes in recent months have been driven by low global stocks and rising demand. The upcoming meeting, set for Sunday at 11:00 GMT, coincides with renewed U.S. efforts urging India to cease Russian oil purchases, as part of broader diplomatic strategies concerning the Ukraine conflict.

If approved, September's output increase could match August's hike of 548,000 barrels per day. Despite such increases, OPEC+ still maintains significant voluntary production cuts. Experts caution that discussions on further voluntary cuts are premature. Meanwhile, Brent oil prices reached a five-week high due to fears of Russian supply issues and potential geopolitical tensions.

(With inputs from agencies.)