OPEC+ to boost supply in October to regain market share

OPEC+ jolted oil markets over the weekend by announcing a production increase of 137,000 barrels per day (b/d) starting in October. The group has been gradually ramping up output since April, following years of production cuts aimed at stabilizing the market. However, the latest decision — announced on Sunday, September 7 — caught many off guard, as concerns about a potential oversupply continue to mount. The move signals that the eight OPEC+ members have begun unwinding the second tranche of production cuts, totaling approximately 1.65 million b/d — more than a year ahead of schedule. Since April, OPEC+ has already fully reversed its initial 2.5 million b/d of cuts, which represented roughly 2.4% of global oil demand.