OPEC+ likely to raise oil output by 188,000 bpd from September
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OPEC+ is expected to agree on another increase in oil production targets starting September, according to three Reuters sources familiar with the discussions. The decision could be made at the alliance's meeting on August 2. Seven countries involved in voluntary cuts — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — are considering raising quotas by about 188,000 barrels per day.
The Proposed Increase
The potential increase of 188,000 barrels per day would match similar adjustments already agreed for June, July and August. If approved, the move would effectively complete the unwinding of voluntary production cuts agreed in 2023, following the exit of the United Arab Emirates from the alliance. Final approval has not been given; discussions are ongoing, and OPEC officials and Russian authorities did not respond to Reuters requests for comment.
Market and Geopolitical Context
Global oil prices have approached $100 per barrel after the collapse of preliminary US-Iran agreements that had previously boosted shipments through the Strait of Hormuz. The military conflict around Iran has disrupted exports from Gulf states, while Houthi attacks in the Red Sea have heightened risks for maritime supplies. OPEC data shows the alliance produced 36.28 million barrels per day in June, down from nearly 43 million bpd in February before the conflict escalated.
What's Next
The OPEC+ meeting is scheduled for August 2, where the September output increase will be discussed. It remains unclear whether the alliance will finalize the deal amid ongoing geopolitical tensions and internal disagreements.
1 source
OPEC+ likely to raise oil output by 188,000 bpd from September
