Thursday, October 2, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Lifestyle

Opec+ set to raise oil output further from October: sources

by Mark Darwin
in Lifestyle
Opec+ set to raise oil output further from October: sources
Share on FacebookShare on Twitter


[LONDON/MOSCOW] Opec+ is set to agree to further raise oil output on Sunday (Sep 7) while probably slowing the pace of increases from October compared with recent months because of weakening global demand, Opec+ sources said.

Opec+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million barrels per day (bpd), equating to about 2.4 per cent of world demand, to boost market share amid pressure from US President Donald Trump to lower oil prices.

But those increases have failed to significantly dent oil prices, which are trading near US$66 a barrel supported by Western sanctions on Russia and Iran, encouraging further oil production increases by rivals such as the United States.

A Sunday deal to boost output from October would mean Opec+ would begin to unwind a second tranche of cuts of about 1.65 million bpd, more than a year ahead of schedule, after fully unwinding the first tranche since April.

Talks are focusing on unwinding the 1.65 million bpd cut in gradual monthly increments and the group has reached an agreement in principle to raise output by at least 135,000 bpd from October, two sources familiar with talks said on Saturday.

The increase could be bigger at between 200,000 and 350,000 bpd, a third source said.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

At their last meeting in August, Opec+, which pumps about half of the world’s oil, raised production by 547,000 bpd for September.

Opec+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, will start an online meeting on Sunday at 12.30 pm GMT.

Brent crude futures closed at US$65.50 a barrel on Friday, down 2.2 per cent, due to a weak US jobs report and expectations of an Opec+ output hike. This is still up from a 2025 low of near US$58 seen in April.

Opec+’s hikes have fallen short of the pledged amounts because most members are pumping near capacity.

As a result, only Saudi Arabia and the United Arab Emirates are able to add more barrels into the market, analysts have said and data have shown.

Opec still has in place two layers of cuts – the 1.65 million bpd cut by eight members, and another two million bpd cut by the whole group in place until the end of 2026. REUTERS

Tags: OctoberOilOpecOutputRaiseSetSources
Mark Darwin

Mark Darwin

Next Post
Calgary Sun letters to the editor, Sept. 7, 2025

Calgary Sun letters to the editor, Sept. 7, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In