OPEC+ Ends Voluntary Output Cuts with September Production Increase

OPEC+ has ended its phased reversal of voluntary output cuts introduced in 2023 to stabilize global oil markets. The alliance agreed to increase production by about 188,000 barrels per day for key producers including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. This move completes the restoration of the 1.65 million barrels per day voluntary production cut adopted in 2023.

The additional increase comes as global oil markets have remained relatively stable despite export disruptions affecting producers in the Gulf, Russia and Kazakhstan, largely linked to geopolitical conflicts involving Iran and Ukraine. Despite industry expectations suggesting OPEC+ might suspend further production increases in the fourth quarter of the year, the alliance made no announcement regarding output plans for October through December.

Analysts expect the group to pause additional increases while monitoring market conditions and preparing for negotiations on production quotas for 2027. Following the announcement, oil prices strengthened with Brent crude closing at $90.12 per barrel and WTI crude settling at $84.67 per barrel, both gaining more than one percent after recording significant losses the previous week.