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Key members of the OPEC+ oil alliance are expected to approve another increase in oil production at a meeting on Sunday.
This move is the latest in a series of output hikes that analysts believe are designed to regain market share, especially as crude oil prices remain steady.
The group of eight nations, known as the “Voluntary Eight” (V8), is expected to raise production by 548,000 barrels per day (bpd) for September, a similar increase to last month.
This decision marks a shift in strategy for the group, which had previously focused on production cuts to support oil prices.
Despite the recent increases, oil prices have remained more resilient than many analysts predicted. Experts attribute this to high summer demand and geopolitical risks, particularly from the recent Iran-Israel conflict.
According to analysts, the price of Brent crude is expected to stay near its current level of around $70 per barrel after the announcement.
However, the future is uncertain. Analysts warn that the market could face a large surplus of oil from October, which may lead the V8 nations to pause their production hikes after September to avoid a price crash.
The oil market faces a difficult environment with unstable demand and potential supply threats.
U.S. President Donald Trump’s recent threat of sanctions and tariffs on Russia and countries that buy its oil, such as India, could further complicate the situation.
While OPEC+ is closely monitoring these developments, analysts believe the group will likely only react to actual supply disruptions, not just to price increases driven by risk premiums.
