Saudi Arabia, Russia, and five other OPEC+ members are poised to raise their oil production quotas for September when they convene for an online meeting on Sunday.
The decision comes as the ongoing war in the Middle East continues to disrupt global energy supply chains, creating a complex backdrop for the cartel's output strategy.
This development follows a previous agreement to increase oil production quotas starting in August, which added approximately 188,000 barrels per day to the group's output targets.
The move signals that OPEC+ is prioritizing market share and steady supply growth over leveraging geopolitical tensions to drive prices higher.
By increasing quotas, the group aims to counterbalance the supply disruptions caused by the conflict, ensuring that global markets remain adequately supplied despite the heightened risks in key shipping routes.
This development follows a previous agreement to increase oil production quotas starting in August, which added approximately 188,000 barrels per day to the group's output targets.
The consistent approach to gradual increases suggests that OPEC+ is confident in its ability to manage supply despite the volatile geopolitical environment.