OPEC+ Freezes Oil Production Hikes After Four Consecutive Increases

OPEC+, comprising seven core member countries, has decided to suspend its oil production increases after four consecutive monthly hikes. The decision was made during a virtual meeting on September 6, where they reviewed global market conditions and outlook.

The countries had started increasing output in June as part of a phased plan to unwind production cuts introduced in 2023. They had also announced additional voluntary production adjustments in April and November 2023.

For October, the seven countries have a combined required production of about 31.01 million barrels per day (bpd). Saudi Arabia has the largest required production at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.

The next meeting is scheduled for October 4, when they are expected to reassess market conditions and the outlook.