OPEC+ to hike output in October
Shafaq News - Baghdad
OPEC+ is set to raise oil production by about 135,000 barrels per day starting in October, as the group slows the pace of recent.
Iraq’s OPEC delegate Mohammed al-Najjar told reporters at an energy conference in Baghdad that the planned hike is likely to fall between 130,000 and 140,000 bpd, though he noted that the matter “is still uncertain.” Two other sources told Reuters that members had reached an agreement in principle to approve an increase of at least 135,000 bpd.
The move would mark the start of unwinding a second tranche of supply cuts amounting to 1.65 million bpd more than a year ahead of schedule. OPEC+, which pumps about half of the world’s oil, has already restored some 2.5 million bpd since April, equal to 2.4% of global demand, under pressure from Washington to ease prices.
Despite these increases, Brent crude closed at $65.50 a barrel on Friday, down 2.2% on weak US economic data but still well above the 2025 low of $58 recorded in April. Prices remain supported by Western sanctions on Russia and Iran, which have kept markets tight even as OPEC+ gradually raises output.
Analysts note that only Saudi Arabia and the United Arab Emirates currently have the spare capacity to add significant new volumes, as most members are producing near their limits. The group still maintains two layers of cuts: 1.65 million bpd by eight members, and a broader 2 million bpd reduction across all members, scheduled to remain until the end of 2026.
