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+ raises production targets
OPEC+ agreed on Sunday to raise oil production by 188,000 barrels a day in September, marking its sixth consecutive monthly increase as the group seeks to restore supply to a market strained by global conflicts.The increase is largely symbolic as the conflicts in Iran and Ukraine continue to disrupt exports, but it gives major producers like Saudi Arabia more flexibility to raise output once regional flows normalize.The group also warned that at…
The OPEC+ alliance agreed on Sunday to increase oil production quotas for September by 188,000 barrels per day, during a video conference meeting that included Saudi Arabia, Russia, and five other member countries.
OPEC+ agrees to increase oil production in September by 188,000 barrels per dayOPEC+ and allies have agreed to increase oil production in September due to the blockage of the Strait of Hormuz. This is the sixth consecutive increase against the backdrop of the war with Iran.
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.
Die Presse
ORF.at NewsMember States are allowed to produce up to 188,000 barrels of oil daily in September.
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.
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