Sources: OPEC + agreed in principle to increase production significantly again in September

On August 3rd, according to two OPEC + sources revealed on Sunday that the organization has agreed in principle to increase production by 548,000 barrels per day in September, a move that marks the complete withdrawal of its largest production reduction plan. The decision comes at a time when Russian supply may be further disrupted, and the final resolution will be finalized at the meeting starting at 19:00 Beijing time. OPEC + began to increase production in April, with a small increase of 138,000 barrels per day, followed by a monthly increase of 411,000 barrels per day in May, June and July, and accelerated the increase of 548,000 barrels per day in August. If OPEC agrees to increase production by 548,000 barrels per day in September, it will fully restore the historic reduction quota of 2.20 million barrels per day, which includes allowing the UAE to increase production by 300,000 barrels per day. At present, OPEC + still has another production reduction plan, that is, the eight member countries voluntarily cut production by about 1.65 million barrels per day, which will expire at the end of 2026.