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OPEC+ prepares another September oil output increase, then a quota pause
The group expects Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman to lift their combined September target by about 188,000 barrels per day when they meet Aug. 2.
OPEC+ is preparing to approve one more oil production increase for September before pausing further monthly quota changes through the end of the year, according to Reuters, cited in an OilPrice article. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to raise their combined September target by about 188,000 barrels per day at the Aug. 2 meeting.
If implemented, the September increase would match prior step-ups announced for June, July, and August. It would also complete the return of a 1.65-million-bpd voluntary cut agreed in 2023, adjusted for the UAE’s departure from OPEC in May, the outlet said.
OPEC+ then appears ready to stop raising targets, with one source saying current production targets would remain in place from October until new quotas take effect in January 2027. That pause would leave about 2 million bpd of group-wide cuts in place through the end of 2026.
The article says deciding the future of those barrels will hinge on how much each OPEC+ member is allowed to produce. It adds that the group is reviewing members’ maximum sustainable production capacity for use in setting 2027 baselines, with Iran-related export disruptions, Iraq’s export bottlenecks, and other factors making the current accounting more difficult.