OPEC+ Completes Reversal of Voluntary Output Cuts with September Increase

OPEC+ has approved an additional 188,000 barrels per day in crude oil production for September, completing the phased reversal of voluntary output cuts introduced in 2023.

The increase marked the final step in unwinding a 1.65 million barrels per day cut to support the oil market.

The United Arab Emirates, which exited OPEC in May, was originally part of the arrangement but is no longer involved.

Despite successive monthly output increases this year, limited impact has been felt on the global market due to export disruptions affecting producers in the Gulf, Russia, and Kazakhstan, resulting from conflicts involving Iran and Ukraine.