OPEC+ Lifts Oil Production Target by 188,000 BPD in September
OPEC+ has agreed to increase its collective oil production target by 188,000 barrels per day (bpd) in September, marking a significant milestone in unwinding supply cuts introduced in 2023. The decision was made during a virtual meeting on Sunday by seven key OPEC+ members led by Saudi Arabia and Russia.
The September increase is the latest in a series of monthly production quota hikes announced during the Iran conflict, although actual supply from the region has remained constrained by hostilities. Bloomberg reported last week that OPEC+ is expected to keep production targets unchanged for the remainder of the year after the September increase, preserving flexibility to raise output later if crude flows from the Persian Gulf normalize.
The move comes as concerns over fuel supply disruptions have pushed gasoline and diesel prices higher, rekindling inflation concerns across major economies. U.S. President Donald Trump said that Washington would delay further military action against Iran after Tehran and other regional governments signaled they were pursuing a diplomatic resolution.