OPEC+ has reached a preliminary agreement to increase oil production by 548,000 barrels per day in September, according to two sources within the group who spoke on Sunday.
The move comes as OPEC+ nears the completion of unwinding its largest round of production cuts, amid ongoing concerns over potential supply disruptions from Russia.
A final decision is expected at a meeting scheduled for 11:00 GMT. The talks come amid renewed pressure from the United States on India to halt its purchases of Russian oil, as Washington seeks to strengthen its leverage over Moscow in pursuit of a peace agreement with Ukraine.
Meanwhile, new European Union sanctions have prompted Indian state-run refiners to suspend Russian oil imports.
OPEC+, which pumps about half of the world’s oil, had been curtailing production for several years to support the market. But it reversed course this year to regain market share, as U.S. President Donald Trump demanded OPEC pump more oil.
OPEC+ began output increases in April with a modest hike of 138,000 bpd, followed by larger hikes of 411,000 bpd in May, June and July and 548,000 bpd in August.
If the group agrees to the 548,000-bpd September increase, it will have fully unwound its previous production cut of 2.2 million bpd while allowing the United Arab Emirates to raise output by 300,000 bpd.
OPEC+ still has in place a separate, voluntary cut of about 1.65 million bpd from eight members and a 2-million-bpd cut across all members, which expires at the end of 2026.
Sources have said previously that the group had no plans to discuss other tranches of cuts on Sunday.