OPEC+ OKs September Output Rise, Finishes Unwinding Voluntary Cuts
OPEC+ approved a September production increase of about 188,000 barrels per day, completing the unwinding of voluntary cuts dating back to 2023. The market has largely felt little impact so far due to export disruptions tied to the Iran and Ukraine wars. The group did not commit to 2027 quotas or a fixed plan for the fourth quarter, though a pause in Q4 remains a possibility. A Joint Ministerial Monitoring Committee warned about the cost of attacks on energy assets, and about 2 million barrels per day of older cuts remain in place through year-end while a capacity review for 2027 baselines proceeds; Iraq seeks higher individual quotas. The next core meeting is September 6.
