OPEC+ Completes Output Cut Rollback with September Production Hike

OPEC+ has completed its phased reversal of voluntary output cuts introduced in 2023 by approving an increase in crude oil production for September. The alliance raised production quotas by about 188,000 barrels per day for its core producers, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

This marked the completion of the unwinding of a 1.65 million barrels per day cut to support the oil market in 2023. Despite successive monthly output increases this year, export disruptions affecting producers in the Gulf, Russia, and Kazakhstan have limited their impact on the global market due to conflicts involving Iran and Ukraine.

OPEC+ has no plans for October through December, leaving it to manage any surplus that emerges once export flows normalize. The alliance is likely to pause output changes in the fourth quarter while preparing for negotiations on production quotas for 2027.