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OPEC+ agrees to September oil hike, completing rollback of voluntary cuts
New York Post • • business
Key Points:
- OPEC+ approved a September oil production increase of around 188,000 barrels per day, completing the rollback of a 1.65 million bpd voluntary supply cut agreed in 2023.
- Export disruptions from conflicts involving Iran and Ukraine have limited the impact of previous OPEC+ production hikes throughout the year.
- The group did not specify plans for output changes in the fourth quarter of 2026, with analysts suggesting a possible pause while preparing for 2027 quota negotiations.
- Ongoing output cuts of roughly 2 million bpd, dating back to 2022, remain in place until the end of this year, and OPEC+ is reviewing members' production capacities ahead of setting 2027 quotas.
- Security concerns were highlighted due to attacks on energy assets amid the US-Israeli war on Iran, which affect supply by causing costly and time-consuming repairs.
