OPEC set to complete unwinding of voluntary oil output cut in Sept, sources say

OPEC+ oil producers are set to approve another big output boost for September as they complete the unwinding of voluntary output cuts by eight members and allow the United Arab Emirates to pump more to meet a larger quota, five sources said.

Plans to unwind cuts of 2.17 million barrels per day (bpd) began in April with a boost of 138,000 bpd. Hike of 411,000 bpd followed for May, June and July, despite falling oil prices.

On Saturday, the group approved a 548,000 bpd jump for August.

Five sources familiar with the discussions said on Monday the group is likely to approve an increase of around 550,000 bpd for September when it meets on August 3.

That will complete the planned return of 2.17 million bpd to the market from the eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria.

It will also allow room for an additional 300,000 bpd in output from the UAE as it moves to a larger production quota, the sources said.