OPEC+ Approves September Oil Output Bump Amid Global Market Watch

OPEC+ is set to approve a modest increase in oil output for September, marking the final piece of a larger puzzle. The group's seven core members will meet virtually on August 2 to sign off on a 188,000 barrel-per-day bump, followed by a deliberate freeze on any further quota adjustments for at least three months.

The September increase represents the unwinding of 1.65 million bpd in voluntary cuts agreed upon back in 2023. After September's quota bump takes effect, OPEC+ plans to keep roughly 2 million bpd in cuts firmly in place while it conducts an internal capacity review.

The results of that review will shape new production targets expected to kick in starting January 2027. However, no final agreements on 2027 quotas have been reached among the core producers involved, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.