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+ members led by Saudi Arabia and Russia agreed to increase their oil production quotas by 188,000 barrels per day in September, completing the reversal of 2023 supply cuts on paper.
- Despite quota increases, actual oil output remains constrained due to geopolitical tensions and disruptions in key shipping routes such as the Strait of Hormuz during the Middle East conflict.
- The September production increase is likely the last for the year, with OPEC+ planning to hold output steady afterward to assess demand and production capacity.
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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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