London (Reuters) – OPEC+ oil producers should approve a new significant increase in their production for September, while they are bringing both the lifting of voluntary production reductions by eight members and the increase in the quota of the United Arab Emirates, five sources said.
The group, which provides approximately half of world oil, has limited its production for several years to support the market.
However, the group has changed course this year to regain market share, under pressure from US President Donald Trump, who asked the group to pump more to help keep the prices of petrol at a low level.
OPEC+ began to raise reductions of 2.17 million barrels per day (BPJ) in April, with an increase of 138,000 BPJ. Increases of 411,000 BPJ followed in May, June and July, despite the drop in oil prices.
The group approved an increase of 548,000 BPJ for the month of August on Saturday.
Five sources close to the discussions said on Monday that the group should approve an increase of approximately 550,000 BPJ for September at its meeting on August 3.
This will complete the return to the market for 2.17 million BPJ from the following eight members: Saudi Arabia, Russia, United Arab Emirates, Kuwait, Oman, Iraq, Kazakhstan and Algeria and will complement an additional increase of 300,000 BPJ of the production of the Emirates, while the country goes to a higher quota.
The OPEC and the United Arab Emirates did not respond to requests for comments.
If it is materialized, the September increase would have total production increases since April to 2.47 million BPJ, just under 2.5% of global demand.
This increase would allow the first producer of OPEC+, Saudi Arabia, to produce nearly 10 million BPJ, and the United Arab Emirates about 3.375 million BPJ.
“By deciding to speed up the quota recovery process, the group allows the Emirates to benefit from this acceleration,” said Richard Bronze of the Energy Aspects.
OPEC+ still maintains separate discounts of 3.66 million BPJ, including 1.66 million BPJ of voluntary cuts, and around 2 million BPJs divided among all members. These discounts must expire at the end of 2026.
(With Dmitry Zhdannikov and Maha El Dahan; Noémie Naudin, edited by Kate Entringer)
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