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OPEC+ planned September output target increase faces quota gap

The planned rise would add 188,000 barrels per day, even as June output fell to 36.28 million bpd from nearly 43 million bpd before the war began.

Reported · Written up by our desk · Energy

OPEC+ is expected to approve another increase to its production targets at a meeting on August 2, extending efforts to unwind voluntary supply cuts adopted in 2023, according to Reuters.

Reuters reported that eight key producers, including Saudi Arabia and Russia, are expected to raise their combined September production target by 188,000 barrels per day. The increase would match those announced for June, July, and August.

OPEC data cited by OilPrice shows the gap between quotas and actual output, with the group producing 36.28 million bpd in June, down from nearly 43 million bpd before the conflict began in February. Disruptions to shipping, including attacks impacting traffic through the Strait of Hormuz and later renewed pressure on routes through the Red Sea, have limited some Gulf producers ability to restore exports.

OilPrice also pointed to renewed concerns for tanker flows, noting that Brent crude topped $100 a barrel after Houthi attacks on Saudi-linked tankers raised fresh worries about shipping through the Bab el-Mandeb Strait. Reuters calculations referenced in the story indicate the September increase would complete the rollback of the 1.65 million bpd voluntary production cut after adjustments tied to the UAE leaving OPEC earlier this year.

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