Sources: OPEC + may increase production from October as planned

OPEC + will continue to ramp up oil production as planned from October as supply disruptions in Libya and commitments by some members to cut production to make up for overproduction offset weak demand, six sources said. OPEC +'s eight members plan to increase output by 180,000 barrels per day in October as part of a plan to begin unwinding the recent 2.20 million cuts, while keeping other cuts in place until the end of 2025. The recent slowdown in demand growth has weighed on oil prices and prompted some analysts to doubt whether OPEC + and its allies will increase production as planned in October. But six OPEC + sources said the planned increase was continuing as the Libyan production cut has strained markets and hopes that the Federal Reserve will cut interest rates in mid-September have grown. "There are many uncertainties on the demand side, but there is also hope that the Fed rate cut will boost economic growth," one of the sources said.