OPEC+ agrees to boost oil production by 188,000 barrels per day starting September

Seven OPEC+ nations have agreed to pump an additional 188,000 barrels per day starting in September, continuing the cartel’s slow walk back from the massive production cuts it imposed in late 2023. The countries involved, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, are essentially turning the taps back on after spending more than two years constraining supply. The slow unwind of a massive cut Back in November 2023, these same countries voluntarily slashed production by a combined 2.2 million barrels per day. The group started the unwinding process in April 2025 with incremental production increases, and this latest 188,000 bpd bump is another measured move in the same direction. The decision came out of meetings held in July, and the group was careful to note that any increase could be paused or reversed depending on how market conditions evolve. The bigger picture for energy and markets Rather than dumping 2.2 million barrels per day back onto the market all at once, OPEC+ has opted for a gradual ramp that gives them the ability to course-correct. If global demand weakens, OPEC+ has explicitly reserved the right to halt or reverse these increases. For energy...