OPEC eyes 185K+ bpd output boost before year-end freeze

Shafaq News- Vienna

OPEC will raise its oil production targets by about 188,000 barrels per day (bpd) in September before pausing further output increases for the rest of the year, Reuters reported on Sunday.

Citing sources familiar with the matter, the outlet noted that the alliance is tying the adjustment to its plan to gradually return more supply to the market after years of production cuts designed to support oil prices.

At its meeting on Sunday, OPEC will also assess market conditions and discuss production quotas for 2027.

OPEC output climbed to 19.34 million bpd in June, rising by 3.3 million bpd from the previous month, as Gulf producers restored supplies following disruptions linked to the effective closure of the Strait of Hormuz.

The strategic maritime gateway, which carries about 20% of global oil supplies, has remained largely closed since Feb. 28 after Iran restricted maritime traffic in response to the conflict involving Washington and Tehran.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed