OPEC+ Completes Rollback of Voluntary Output Cuts with September Oil Hike

OPEC+, the producer group comprising OPEC and non-OPEC countries, has approved an oil production quota increase of around 188,000 barrels per day from September. This move completes the unwinding of a layer of voluntary output cuts that were put in place earlier this year.

The decision comes despite export disruptions caused by wars in the Gulf region, Russia, and Kazakhstan, which have limited the impact of previous monthly OPEC+ hikes on the market.