OPEC+ Agrees to Oil Production Hike as Voluntary Cuts are Rolled Back

OPEC+ has agreed to increase oil production by around 188,000 barrels per day from September, completing the rollback of voluntary cuts.

The move comes after a series of monthly increases that have had little impact on the market due to export disruptions caused by the Iran and Ukraine wars.

The July and August increases were largely symbolic as production levels remained low.

OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will finish unwinding a 1.65 million bpd supply cut originally agreed in 2023.