OPEC+ will discuss fast-tracking oil production increases when members meet Saturday, with delegates indicating the group may approve monthly hikes of approximately 500,000 barrels per day over three months, according to sources familiar with the matter.
The proposal, set to be reviewed at the October 5 meeting, would significantly accelerate the return of previously curtailed supplies as the oil-producing alliance shifts strategy to recapture market share. Saudi Arabia and its partners are considering the expedited restoration of the remaining 1.66 million barrel-per-day supply tranche, a delegate said on condition of anonymity.
No final decision has been made, and the 500,000 barrel-per-day increase represents one of several options under consideration by the group.
The potential acceleration marks a notable shift from OPEC+’s recent approach. In September, the eight-nation subset agreed to boost October production by just 137,000 barrels per day, a fraction of the increases seen in August and September.
OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, has been gradually unwinding production cuts implemented during earlier periods of market volatility. The group has maintained flexibility to pause or reverse increases depending on market conditions.
Oil prices have declined approximately 15% this year amid the production increases, with Brent crude trading around $66 per barrel as of October 1. The additional supply comes as global demand growth has slowed and non-OPEC production continues to expand.
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