OPEC+ to raise output by 188,000 bpd in September, then pause

Key facts

• OPEC+ plans to increase production by approximately 188,000 barrels per day in September.
• The group will pause further output increases after September.
• OPEC+ will unwind voluntary production cuts.
• The alliance will review production capacity for future baselines.

OPEC+ intends to approve a production quota increase of roughly 188,000 barrels per day for the month of September. After this adjustment, the alliance is anticipated to halt any further increases in output for the remainder of 2024. This pause is part of a broader strategy to gradually unwind voluntary production cuts that have been in place. Additionally, the group plans to review its production capacity to establish new baselines for future output decisions. The decision reflects a cautious approach to the market, balancing demand expectations with the need to manage global supply.