OPEC+ Prepares to Stop Raising Oil Output Targets
Delegates said the group will ratify a September hike of 188,000 barrels a day and then hold quotas steady for the rest of the year.
- OPEC+ members, including Saudi Arabia and Russia, plan to raise their combined September target by about 188,000 barrels per day when they meet on August 2, marking the final scheduled hike of the year.
- This increase completes the phased rollback of a 1.65 million BPD voluntary supply cut agreed to in 2023 to boost oil prices, following a roadmap the group set in May.
- Uncertain output losses from the war with Iran and disruptions at the Strait of Hormuz complicate supply decisions, as oil prices remain highly volatile during the conflict.
- Iraq, which recently threatened to leave OPEC over production quota disputes, remains constrained by export bottlenecks that may complicate the group's efforts to stabilize supplies through year-end.
- Goldman Sachs recently warned that oil could top $120 a barrel in the near term, while the group must determine 2027 production baselines to address concerns over potential future supply surpluses.
11 Articles
11 Articles
Can OPEC Plus's Watchdog Do Anything About Hormuz?
Three days before its 67th sitting, the OPEC Secretariat did something it rarely bothers to do: it told the market, in writing, not to expect much from the meeting. In a statement issued ahead of the Joint Ministerial Monitoring Committee’s July 28 gathering, the Secretariat clarified that the committee holds no authority over output levels, […] The post Can OPEC Plus’s Watchdog Do Anything About Hormuz? appeared first on Modern Diplomacy.
OPEC+ Prepares to Stop Raising Oil Output Targets
OPEC+ is preparing to approve one more production increase for September and then put the monthly quota parade on hold through the end of the year. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to raise their combined September target by about 188,000 barrels per day when they meet on August 2, sources told Reuters. That would match the increases announced for June, July, and August and complete the return of a 1…
After the end of September 2026. Reuters reported four sources saying that the suspension of increased production came to the Alliance's need for further talks before deciding on production quotas for 2027. This pause would mark the end of several months of increases in production that had not in fact largely been achieved after the Iranian war had forced members from the Middle East to cut their exports. The debate over next year's quotas might…
OPEC+ Plans to Pause Quota Hikes After September, Delegates Say
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