OPEC+ has agreed to increase oil production by around 188,000 barrels a day from September, completing the rollback of voluntary output cuts introduced in 2023.
The increase was agreed by seven producers – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman – following a meeting on Sunday. The UAE is no longer part of OPEC+, having left the group earlier this year.
Analysts say the additional supply is unlikely to have a major impact on global markets because exports continue to be affected by disruption linked to conflicts in the Middle East and Ukraine.
OPEC+ is expected to review production policy again next month as it prepares to negotiate new output quotas for 2027.
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