OPEC dismisses reports of G8 production increase plans

Investing.com -- OPEC has rejected media reports claiming that G8 countries plan to increase oil production by 500,000 barrels per day (kb/d), calling these reports "wholly inaccurate and misleading."

In a statement released Tuesday, the OPEC Secretariat emphasized that discussions among relevant ministers regarding the upcoming meeting have not yet begun. The organization urged media outlets to report accurately to avoid fueling unnecessary market speculation.

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Earlier on Tuesday, Bloomberg News reported OPEC+ is considering accelerating output hikes by 500,000 bpd over the next three months.

Meanwhile, sources familiar with OPEC+ discussions told Reuters that the group might consider a larger oil production increase of 411,000 barrels per day for November at its meeting on Sunday, October 5. This would be three times the 137,000 bpd increase that OPEC+ agreed for October.

OPEC+ has been reversing its earlier strategy of output cuts and has already raised quotas by more than 2.5 million bpd, approximately 2.4% of world demand. This shift aims to boost market share and follows pressure from U.S. President Donald Trump to lower oil prices.

Eight OPEC+ countries will hold an online meeting on October 5 to decide on November output levels.

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