According to Jinshi Data, six sources said that due to the disruption of Libyan oil supply and the commitment of some member countries to cut production, OPEC+ will increase oil production as planned from October. The eight OPEC+ members plan to increase production by 180,000 barrels per day in October, which is part of the recent plan to lift the 2.2 million barrels per day production cut, while maintaining other production cuts until the end of 2025.
Slowing demand growth has weighed on oil prices recently, prompting some analysts to doubt whether OPEC+ and its allies will go ahead with a planned output increase in October. But six sources said plans to increase production are still on track as Libya's output cuts keep the market tight and hopes grow that the Federal Reserve will cut interest rates in mid-September.
