OPEC+ Agrees to Final Oil Production Hike Before Capacity Review

OPEC+ has agreed to raise oil production by 188,000 barrels per day (bpd) starting in September. This decision was made by seven core OPEC+ producers, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The increase completes the unwinding of a supply-cut package first agreed upon in 2023. The original cut was 1.65 million bpd, and after September's adjustment, OPEC+ plans to keep roughly 2 million bpd of cuts firmly in place while conducting an internal capacity review.

Jorge Leon, an analyst at Rystad Energy, noted that the September increase is likely to be the last in the current series of production adjustments. The group is expected to review members' oil production capacity for 2027 as part of the pause period.