OPEC+ set for September quota increase followed by pause: Report
The move completes the rollback of a 1.65 million-barrel-a-day cut as members face capacity limits and difficult quota talks ahead.
- OPEC+ approved an oil production quota increase of about 188,000 barrels per day starting in September to complete the rollback of a 1.65 million bpd supply cut agreed in 2023.
- The increase involves core OPEC+ members including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, but export disruptions from the Gulf, Russia, and Kazakhstan limited the market impact due to geopolitical conflicts.
- OPEC+ still enforces about 2 million bpd in supply cuts from 2022, which are expected to remain until the end of 2026, with a review underway of production capacity for 2027 quotas.
- The group is likely to pause output increases in the fourth quarter of 2026 as it manages potential surpluses and prepares for 2027 quota negotiations.
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OPEC+ agrees to September oil hike, completing rollback of voluntary cuts
OPEC+ approved an oil production quota increase on Sunday of around 188,000 barrels per day from September, the producer group said, in a move that completes the unwinding of a layer of voluntary output cuts.
Saudi Arabia, Russia and other members of the Organization of the Petroleum Exporting Countries (OPEC+) decided today at an online meeting to increase their oil production quotas for September.
The alliance, led by Russia and Saudi Arabia, wants to market 188,000 more barrels every day, although its actual production is well below official forecasts
The oil cartel "Opec Plus" has again decided to increase its production quota.
As far as oil is concerned, the supply situation remains as volatile as the war events around the Strait of Hormus. The Opec+ oil production cartel is now continuing its strategy to expand the production volume in September.
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