OPEC+ Ends Supply Cut Rollback with September Output Increase

OPEC+ has approved an increase in oil production quota for September, marking the final phase of a rollback of a 1.65 million barrels per day supply cut originally agreed in 2023.

The group will now produce 188,000 barrels more per day from September, bringing to an end the phased reduction that was implemented when the United Arab Emirates was still part of OPEC.

Meanwhile, data from the Central Bank of Nigeria's 2025 Balance of Payments Report shows that crude oil export receipts dropped by 14% year-on-year to $31.54 billion in 2025, despite a significant increase in production during the period.