OPEC+ Completes Rollback of Voluntary Oil Cuts with September Hike

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

The move marks the end of a phased reduction of 1.65 million bpd supply cut originally agreed in 2023.

Although OPEC+ sources had indicated that the group might pause output increases for the fourth quarter, its statement made no reference to what might be agreed for the last three months of this year.

Rystad analyst Jorge Leon noted that with the rollback complete, 'OPEC+ has little incentive to rush into further supply changes.'