OPEC Set to Boost Oil Output by 188,000 Barrels from September

OPEC is expected to approve an increase in oil production of around 188,000 barrels per day from September. This move marks the completion of a gradual phaseout of a 1.65 million barrels-per-day supply reduction that was originally agreed upon in 2023.

The decision comes as OPEC's seven key members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - had introduced monthly production increases for most of the current year. However, many of those planned increases remained theoretical due to disruptions from wars in Iran and Ukraine.

Following September, OPEC is expected to pause additional increases while it conducts a review of members' oil production capacity. This assessment will be used to establish baseline production levels for 2027, which will determine future quotas.