OPEC+ Unwinds Voluntary Cuts with 188,000 BPD Oil Production Hike

OPEC+ members have agreed to increase oil production by approximately 188,000 barrels per day (bpd) from September. This decision marks the final phase of reversing voluntary supply cuts introduced in 2023.

The move reflects OPEC+'s commitment to maintaining stability in the global oil market, according to a joint statement by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

This production increase completes the gradual rollback of a 1.65 million bpd voluntary output cut that was agreed upon in 2023.