OPEC+ Plans 180,000 Barrels Per Day Increase

OPEC+ is moving forward with a planned increase in oil production by 180,000 barrels per day starting in October, aimed at offsetting Libyan supply disruptions and balancing previous output cuts. While analysts express concern over sluggish demand growth, particularly from China, sources within OPEC+ maintain that the production hike will proceed as anticipated. This decision comes despite a recent drop in Brent crude prices, which hovered just below $79 a barrel. The output increase is part of a broader strategy to unwind a total of 2.2 million barrels per day in cuts while keeping some reductions in place until the end of 2025. Market reactions have been mixed, with some skepticism about the sustainability of higher prices amid ongoing demand uncertainties. OPEC+ will monitor future output decisions on a monthly basis as they assess market conditions.