Eight members of the oil group OPEC+ have agreed to lift oil production from October, with Saudi Arabia leading the production hike, though the group is slowing the pace of increases amid signs of weakening global demand.
At an online meeting on Sunday, eight OPEC+ members agreed to add 137,000 barrels per day (bpd) from October, a sharp reduction from monthly hikes of about 555,000 bpd in August and September, and 411,000 bpd in July and June.
Saudi Arabia will contribute to a major chunk of the production hike by increasing production by 42,000 bpd.
The move also accelerates the unwinding of a second tranche of output cuts totalling about 1.65 million bpd, more than a year earlier than planned.
Since April, OPEC+ has already fully rolled back the first tranche of 2.5 million bpd in cuts.
The decision surprised some observers, given expectations of a supply surplus heading into the northern hemisphere winter months, Reuters reported.
