OPEC+ lifts September oil production by 188,000 barrels per day

The OPEC+ alliance, represented by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed in a virtual meeting on 2 August to raise output by 188,000 barrels per day starting in September. The increase completes the gradual unwind of the 1.65 million‑barrel‑per‑day voluntary cut that began in 2023, after the United Arab Emirates left the group in May. While the decision aims to support market stability, the alliance warned that the ongoing Middle‑East conflict – including attacks on oil facilities and disruptions in the Strait of Hormuz and the Red Sea – could limit the full effect of the added supply. The joint ministerial monitoring committee highlighted the cost and time required to restore damaged Russian infrastructure and noted that maritime route interruptions increase market volatility.