Saudi Arabia, Russia and five other members of OPEC+ are expected to raise their oil production quotas for September when they meet online Sunday as the Middle East war continues to disrupt global energy supplies.
The enlarged Organisation of the Petroleum Exporting Countries will likely increase production by 188,000 barrels per day, following several months of similar hikes, said Jorge Leon, an analyst at Rystad Energy.
However, the September increase is likely to be the last in the current series of production adjustments, he said.
Between late 2022 and 2023, OPEC+ became concerned that oil prices were falling, and agreed to cut oil production in three separate rounds, reducing total output by nearly six million barrels per day.
But Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the United Arab Emirates -- before their exit from the group on May 1 -- then changed their strategy by gradually upping production starting in 2025.
