OPEC+ Completes Voluntary Cut Rollback with September Oil Hike

OPEC+ members have agreed to increase oil production by around 188,000 barrels per day from September, completing the rollback of voluntary cuts. This move comes after months of successive monthly hikes that have largely remained on paper due to export disruptions caused by the Iran and Ukraine wars.

The September increase will finish the phased rollback of a 1.65 million bpd supply cut originally agreed in 2023. Although OPEC+ sources suggested that the group would likely pause output increases for the fourth quarter, their statement made no reference to what might be agreed for the last three months of this year.

Jorge Leon, an analyst at Rystad, said, 'OPEC+ has finished unwinding its voluntary cuts. The next challenge is managing the surplus that could emerge as export flows normalize.'