OPEC+ Set to Boost Oil Output as Members Unwind Earlier Cuts
OPEC+ is set to raise oil production quotas for September 2026 as members unwind earlier output cuts. The group, which includes Saudi Arabia, Russia, and five other countries, will likely increase production by 188,000 barrels per day.
This move comes after several months of similar hikes, said Jorge Leon, an analyst at Rystad Energy. However, the September increase is expected to be the last in the current series of production adjustments.
Between late 2022 and 2023, OPEC+ cut oil production by nearly six million barrels per day due to concerns about falling oil prices. Since then, some members have increased production starting in 2025.
However, many OPEC+ members are struggling to meet their official targets due to a decline in production capacity and disruptions caused by the Middle East war.