OPEC Set to Hike Oil Output as Voluntary Cuts Expire

OPEC is set to increase oil production by around 188,000 barrels per day in September, as the group moves toward completing its reversal of voluntary output cuts.

The decision marks the completion of a gradual phaseout of a 1.65 million barrels-per-day supply reduction that was originally agreed in 2023.

Following the increase, OPEC will pause further production hikes for the remainder of the year as members prepare for potentially difficult negotiations over future production quotas.