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Exxon Mobil, Chevron, Shell, BP and TotalEnergies will likely grow output 4.7% in 2026. The increases appear designed to capitalize on an expected oil price upturn in the latter half of 2026.

The change, which has not been confirmed by the Indian government, would boost Trump's efforts to pressure Moscow to negotiate an end to the war in Ukraine.

The alliance has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

Saudi Arabia and its partners will review the expedited return of the remainder of a 1.66 million barrel-a-day supply tranche when they meet on Oct. 5.

OPEC and its partners will need to provide an average of 43.45 million barrels a day in the second half of this year, considerably more than the 42.4 million they pumped in August.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The extra barrels have so far only put modest downward pressure on crude prices, but threaten to unleash a major surplus in the coming months, according to the International Energy Agency.

The move could lower oil and gasoline prices amid low oil inventories, and follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August.

Oil prices slumped as OPEC+ ramped up production.