The OPEC+ alliance plans to approve a boost in oil production quotas by approximately 188,000 barrels per day, effective next September. Informed sources indicate this decision will be followed by suspending any further output increases for the rest of the
year, fully canceling a tranche of voluntary cuts. Although the seven core member states agreed on monthly production hikes for most of this year, their implementation remained largely nominal. This was due to the impact of conflicts in Iran and Ukraine,
which hampered oil exports from Gulf states, Russia, and Kazakhstan. The alliance is expected to halt production increases after September, as it anticipates potentially difficult negotiations to set new production quotas for the coming period, according to group officials.
