OPEC + agrees in principle to increase production in October.

According to representatives, OPEC+ has tentatively agreed to increase production again next month. The organization is currently pushing for a policy shift, moving focus from maintaining oil prices to competing for market share. Core member countries of the alliance indicated that they are expected to approve a daily production increase of approximately 137,000 barrels at a video conference on Sunday. This production increase means that OPEC+ led by Saudi Arabia and Russia will begin gradually undoing the next round of suspended supply; the organization had unexpectedly completed the restoration of the previous production cut quota ahead of schedule. The production increase in October will initiate the process of restoring the daily quota of 1.66 million barrels, which was originally planned to be implemented until the end of 2026. Some representatives added that discussions on the matter are still ongoing.