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OPEC Plus plans September oil rise
OPEC Plus is preparing to approve a new increase in oil production in September by 188,000 barrels per day, ahead of suspending monthly increments until the end of the year. This increase will follow the production levels announced for June, July, and August as part of the effort to gradually restore 1.65 million barrels per day of oil cuts implemented by the group in 2023, taking into account the UAE's exit from the organization in May. It is expected that OPEC Plus will halt these monthly increases afterward, with current targets remaining in effect from October until the new production quotas are implemented in January 2027. Meanwhile, member countries continue to review their production capacities to determine their potential shares in the future. The group faces challenges in accurately assessing the true production capabilities of its members, especially given the geopolitical tensions and regional conflicts that have affected oil supplies, such as restrictions in Iraq, Kazakhstan, and Russia. Despite these factors, oil prices remain high amid rising tensions between the US and Iran.
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