OPEC+ approves September oil output increase
OPEC+ raises oil production quotas as it ends a 2023 supply cut See what the September hike means for markets and the next OPEC+ meeting
OPEC+ has agreed to raise oil production quotas by about 188,000 barrels per day from September, finishing the rollback of a voluntary supply cut first introduced in 2023. The decision was announced on Sunday by the group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The increase comes as earlier monthly hikes had limited impact on the market because export disruptions linked to conflicts in the Gulf, Russia and Kazakhstan constrained supply. Analysts said the group may now pause further changes in the fourth quarter while it watches how global supply and demand evolve.
The announcement also comes as OPEC+ reviews members’ production capacity ahead of quota negotiations for 2027. The group’s next meeting is scheduled for Sept. 6.