OPEC+ Unwinds Voluntary Production Cuts, Pumps Up Output by 188k Barrels

OPEC+, the global oil producers group led by Saudi Arabia and Russia, has announced that it will completely unwind its 'voluntary' production cuts starting in September. The move comes after a meeting of the group's Joint Ministerial Monitoring Committee (JMMC) on Sunday.

The unwinding of these cuts will see an increase in output of around 188,000 barrels per day, which is expected to complete the phased rollback of a 1.65 million bpd supply cut originally agreed upon by core OPEC+ members in 2023.

However, another layer of output cuts involving most of the group's 21 members will remain in place until the end of this year due to ongoing global oil price volatility caused by tensions between the US and Iran.