Eight OPEC+ countries plan to increase oil output, but at a slower rate in October due to potential global demand slowdown. Current production increases have not significantly impacted oil prices, which remain near $66 a barrel. Talks are underway to gradually unwind cuts ahead of schedule, with a potential output increase of 135,000-350,000 bpd for October.

The last meeting saw an output increase of 547,000 bpd for September, totaling 2.5 million bpd for the year. OPEC+ members are expected to discuss further output hikes at an online meeting on Sunday. Brent crude settled at $65.50 a barrel on Friday, up from a low of near $58 in April, supported by sanctions and production adjustments falling short of pledged amounts.

OPEC+ has reversed output cuts to boost market share and lower oil prices, under pressure from the U.S. and to compete with rival producers like the United States. The current output cut layers are in place until the end of 2026, as the group navigates the complex dynamics of global oil markets.

Read more at Yahoo Finance: OPEC+ will likely agree to further oil output hike on Sunday, sources say