OPEC+ Raises September Oil Output by 188k Barrels Per Day

OPEC+ has agreed to increase its oil production by 188,000 barrels per day for September. This decision is part of the group's plan to gradually restore supply as global demand remains resilient.

The production hike is a measured step in OPEC+'s ongoing strategy, reflecting confidence in global demand and a desire to keep the market well-supplied. The move follows a previous increase of the same magnitude for August and aligns with the group's plan to unwind output cuts that were implemented to support oil prices.

The September increase is one of the final steps in unwinding the most recent 2.2 million barrels per day cut, which was scheduled to be phased out by September 2025. Market analysts had widely anticipated this move, as OPEC+ has been signaling its intention to continue with planned increases barring any major market disruptions.