OPEC+ Completes Output Cut Rollback with September Production Hike

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

The increase marked the completion of a phased reversal of voluntary output cuts introduced in 2023 to support the oil market. These reductions totaled 1.65 million barrels per day.

Despite successive monthly output increases this year, global supplies have been limited by export disruptions affecting producers in the Gulf, Russia, and Kazakhstan due to conflicts involving Iran and Ukraine.