OPEC+ raises September output to offset cuts
OPEC+ alliance has agreed to increase oil production quotas by approximately 188,000 barrels per day starting in September 2026, as part of the gradual rollback of the voluntary production cuts totaling 1.65 million barrels per day that began in 2023. This increase comes within the framework of reviewing member production capacities to determine baseline production levels for 2027, while a portion of the cuts, amounting to around two million barrels per day, will continue until the end of 2023. Additionally, the committee expressed concern over attacks on energy facilities, which are costly and impact supplies, especially amid the geopolitical tensions in the region. Negotiations over new production quotas are expected to be challenging, with some members like Iraq requesting higher quotas to reflect their production capabilities.
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