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OPEC+ Plans to Pause Production Hikes Until 2027
OPEC+ is heading toward suspending its monthly production increases after September 2023 until the end of 2026, pending the finalization of production quotas for alliance members in 2027. It is likely that an increase of 188,000 barrels per day will be implemented in September—its last this year—following a series of increases that began in April aimed at regaining market share lost during periods of supply cuts. An online meeting to discuss production policy is scheduled for August 2, and it is expected that the member countries will approve this increase, which would lead to the cancellation of the 1.65 million barrels per day production cut approved in 2023. This cut was intended to restore pre-war production levels, although actual pumping has remained below permitted levels, with production dropping from 43 million barrels in February to 36.28 million barrels in June.
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