OPEC+ is set to raise oil production by 548,000 barrels per day starting in September, according to three sources, marking a full reversal of the group's largest output cut. The decision is expected during a virtual meeting on Sunday at 1100 GMT, as fears grow over potential supply disruptions linked to Russia. The move follows a series of hikes that began in April and reflects OPEC+ shift from years of production curbs to regaining market share. The group, which includes Russia and Kazakhstan, has cited strong market fundamentals as justification, with Brent crude recently closing near $70 a barrel. If approved, the hike would bring OPEC+ output back to pre-cut levels, including an increase of 300,000 bpd for the UAE. The group will maintain separate voluntary cuts of 1.65 million bpd by eight members and a broader 2 million bpd cut, both set to expire in 2026. Other cut tranches will not be discussed at the meeting. Attribution: Reuters Subediting: M. S. Salama
