OPEC+ Increases Oil Output for Sixth Consecutive Month
Seven core OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil production by 188,000 barrels per day in September. This marks the sixth consecutive monthly output hike as part of a plan to reverse voluntary cuts introduced in 2023. Despite these increases, much of the additional supply has not reached global markets due to disruptions from conflicts involving Iran and Ukraine. OPEC+ remains under pressure with Iraq reportedly threatening to leave unless granted more generous production quotas. The group is also assessing each member's oil capacity for future quota calculations in 2027. With tensions easing, including a reported cancellation of an attack on Iran by former U.S. President Trump, crude prices saw modest gains but fell over the week as investors anticipated reduced hostilities. The next OPEC+ meeting is scheduled for September 6 to determine October production levels.