OPEC+ Agrees September Oil Output Increase Amid Global Energy Uncertainty
OPEC+ members have agreed to increase oil production by 188,000 barrels per day from September, completing the group's planned reversal of voluntary production cuts. The decision was made during an online meeting on Sunday and comes as global energy markets continue to face uncertainty due to disruptions linked to the Middle East conflict.
The increase had been widely anticipated by market analysts, with Rystad Energy analyst Jorge Leon noting that the group's next challenge would be managing any future oversupply once export routes fully recover. However, Leon also pointed out that the immediate market impact will remain limited due to ongoing disruptions in shipping through the Strait of Hormuz.
The participating countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The increase completes the unwinding of the second of three production-cut packages introduced between 2022 and 2023 to support oil prices.