OPEC+ Approves September Oil Production Increase Amid Global Export Disruptions

OPEC+ has approved an increase in oil production quotas of about 188,000 barrels per day from September, completing the phased reversal of a voluntary supply cut introduced in 2023.

The decision was announced after a meeting of the group's core producers on Sunday, August 2, marking the end of the rollback of a 1.65 million bpd production cut initially agreed to stabilize global oil markets.

The increase applies to seven key OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The United Arab Emirates, which was part of the original agreement, exited OPEC in May.

An analyst at Rystad Energy, Jorge Leon, said the completion of the voluntary production rollback shifts the group's attention to managing potential oversupply once disrupted exports return to normal.