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OPEC+ Prepares to Stop Raising Oil Output Targets

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.…

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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.…

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https://oilprice.com/Latest-Energy-News/World-News/OPEC-Prepares-to-Stop-Raising-Oil-Output-Targets.html

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