The Opec+ oil cartel has agreed to raise output again in October as the Saudi Arabia-led producer group continues a six-month push to regain market share even as global demand weakens.
The decision, which is set to weigh on oil prices, provides further confirmation that Saudi Arabia has abandoned its pursuit of higher prices and is instead focused on boosting revenue by restoring as much of its idled production as possible.
Eight members of the group, including Saudi Arabia, Iraq and the United Arab Emirates, said they would increase their combined production quota by a combined 137,000 barrels a day next month. However, analysts said that only Saudi Arabia, and potentially UAE, would be able to increase supply as most of the other members were already pumping at near capacity.