OPEC+ Prepares to Stop Raising Oil Output Targets

AI Summary

OPEC+ plans to approve one final oil production increase for September before pausing output target raises until year-end. Key members including Saudi Arabia, Russia, Iraq, and others expect to increase production targets by approximately 188,000 barrels per day, ending the voluntary 1.65 million bpd cut implemented in 2023 after UAE's departure.

OPEC+ is preparing to approve one more production increase for September and then put the monthly quota parade on hold through the end of the year. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to raise their combined September target by about 188,000 barrels per day when they meet on August 2, sources told Reuters. That would match the increases announced for June, July, and August and complete the return of a 1.65-million-bpd voluntary cut agreed in 2023, adjusted for the UAE’s departure from OPEC in May.…