OPEC+ Approves 188,000 Bpd Increase in Oil Production

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) approved an increase in crude oil production by 188,000 barrels per day starting in September, marking the completion of the phased reversal of voluntary output cuts introduced in 2023. This decision was made during a meeting held in Abuja.

The increase applies to core producers, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The original voluntary production cut of 1.65 million barrels per day was implemented to support the oil market.

Despite the increase, global market impact has been limited due to export disruptions from conflicts involving Iran and Ukraine. OPEC+ did not specify plans for production adjustments from October to December.

The alliance will focus on managing any surplus that may arise once export flows normalize, with expectations of pausing output changes in the fourth quarter. Oil prices rose following the meeting, with Brent crude at $90.12 per barrel and WTI at $84.67 per barrel.