OPEC+ set for September quota increase followed by pause: Report
The move completes the rollback of 1.65 million barrels a day in voluntary cuts and leaves the group set to pause further hikes this year.
- OPEC+ approved an oil production quota increase of about 188,000 barrels per day starting in September to complete the rollback of a 1.65 million bpd supply cut agreed in 2023.
- The increase involves core OPEC+ members including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, but export disruptions from the Gulf, Russia, and Kazakhstan limited the market impact due to geopolitical conflicts.
- OPEC+ still enforces about 2 million bpd in supply cuts from 2022, which are expected to remain until the end of 2026, with a review underway of production capacity for 2027 quotas.
- The group is likely to pause output increases in the fourth quarter of 2026 as it manages potential surpluses and prepares for 2027 quota negotiations.
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136 Articles
Russia set to increase exports from western ports in August amid firm demand in Asia, sources say
MOSCOW, Aug 3 : Oil shipments from Russia's western ports are set to increase 4 per cent in August from July as drone attacks on domestic refineries make more crude available for exports, while strong demand in Asia encourages sellers to load more, two traders said.Exports from the Baltic ports of Primorsk an
Nigeria Spared As Seven Opec+ Producers Raise Output By 188,000 Bpd
Nigeria will maintain its current crude oil production strategy after seven members of the OPEC+ alliance agreed to increase their combined oil output by 188,000 barrels per day (bpd) in September 2026, a decision aimed at preserving stability in the global oil market.
OPEC+ Approves 188,000 Barrels/day Production Increase for September
Get latest articles and stories on Business at LatestLY. OPEC+ has approved an increase in oil production of around 188,000 barrels per day (bpd) for September 2026, as the producer group reaffirmed its commitment to supporting stability in the global oil market. Business News | OPEC+ Approves 188,000 Barrels/day Production Increase for September.
For its part, the IEA expects the world oil market to re-register a surplus by the end of this year and by 2027.
OPEC+ raises production targets
OPEC+ agreed on Sunday to raise oil production by 188,000 barrels a day in September, marking its sixth consecutive monthly increase as the group seeks to restore supply to a market strained by global conflicts.The increase is largely symbolic as the conflicts in Iran and Ukraine continue to disrupt exports, but it gives major producers like Saudi Arabia more flexibility to raise output once regional flows normalize.The group also warned that at…
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