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troop movements in Iraqi Kurdistan raise drawdown questionsKremlin pushes more Russian men into fighting in UkraineUK farmers warn drought could cause food shortagesTürkiye updates military readiness for Cyprus after UN chief's visitChina's private factory gauge shows weaker growthUS Senate leaders reach funding deal to avert shutdownPaul Weiss's capitulation reshaped US legal resistance to TrumpThird suspect arrested as more graves surface in Zubin PotokUS health secretary tells families to vaccinate against measlesPakistan applies for $10bn US forex facilityStorm leaves two dead and 180,000 without power in ChileMonte dei Paschi explores Banco BPM takeover as Rome plans exitLebanon weighs consequences of Salameh arrestIran-linked Foxtrot network recruits teenagers in EuropeBus collision kills eight in central TanzaniaTrump announces US-Iran talks after calling off strike waveYen strengthens after joint Japan-US currency interventionCeuta death toll rises to 72 as most migrants return to MoroccoIsraeli strikes continue in Gaza as disarmament roadmap stallsChinese chip advances trigger week of global market swingsDrone strikes kill nine in Russia as Ukraine says it hit Saratov refineryIran says Hormuz route talks with Oman near completion as US blockade holdsRights group blames Sudan's army for drone strike on Darfur courtOPEC+ completes rollback of 2023 oil output cutsRosatom reports drone strike meters from Zaporizhzhia reactor buildingTwo water-bomber pilots killed as wildfire destroys homes near AthensAstraZeneca held talks on $400bn Bristol Myers mergerBrent falls below $82 as US holds off on Iran strikesSuicide bomber kills 14 at Pakistani police stationHungary shuts sole nuclear plant as Danube hits record lowEU labelling duty for AI-generated content takes effectBomb kills three at central Moscow restaurantChina drills at Scarborough Shoal and warns Manila of a 'head-on blow'Hackers hit US water systems in at least seven statesUS-backed Venezuela transition talks set to openWildfires around Spokane force 60,000 to evacuateAI funding boom shows signs of strainBeijing draws 'red lines' before trade talks with EU and USIsrael ties Lebanon deal to Hezbollah disarmament after Kafra blastGunmen kill 12 in Nigerian village and seize churchgoersUS restores part of its vaccine and health aidLula launches bid for fourth term against Bolsonaro's sonChina flash flood death toll rises to 25Israeli forces push into Syria's Quneitra provinceEU naval force boards sanctioned Russian shadow-fleet tankerAI policy groups demand federal probe into OpenAI breachModi speeds up informal Indo-Pacific bloc to counter ChinaOrtega scraps elections to cement family rule in NicaraguaUS weighs transfer of Patriot production technology to UkraineTaiwan warns China's hybrid warfare tests whole regionUS troop movements in Iraqi Kurdistan raise drawdown questionsKremlin pushes more Russian men into fighting in UkraineUK farmers warn drought could cause food shortagesTürkiye updates military readiness for Cyprus after UN chief's visitChina's private factory gauge shows weaker growthUS Senate leaders reach funding deal to avert shutdownPaul Weiss's capitulation reshaped US legal resistance to TrumpThird suspect arrested as more graves surface in Zubin PotokUS health secretary tells families to vaccinate against measlesPakistan applies for $10bn US forex facilityStorm leaves two dead and 180,000 without power in ChileMonte dei Paschi explores Banco BPM takeover as Rome plans exitLebanon weighs consequences of Salameh arrestIran-linked Foxtrot network recruits teenagers in EuropeBus collision kills eight in central Tanzania
Bota
Symbolic image: OPEC+ completes rollback of 2023 oil output cutsSymbolic image

OPEC+ completes rollback of 2023 oil output cuts

8 sources

Seven OPEC+ states agreed on Sunday to lift oil production by 188,000 barrels per day in September, the sixth monthly increase in a row. The step finishes unwinding the voluntary cuts the group agreed in 2023.

What happened

  • Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman took the decision in a video conference.
  • Russia's September quota rises by 62,000 bpd to 9.949 million, Saudi Arabia's by the same amount to 10.478 million.
  • Iraq gains 26,000 bpd, Kuwait 16,000, Kazakhstan 10,000, Algeria 6,000, Oman 5,000.
  • The package restores 1.65 million bpd cut in April 2023, when the UAE was still a member.
  • The group's monitoring committee warned that attacks on energy infrastructure and on shipping routes increase market volatility.

The view from outside

Telesur (Venezuela) stresses how far the paper quotas sit above reality, citing an OPEC+ report under which Saudi Arabia pumped 6.84 million bpd in June against its new 10.47 million target, and dates the Middle East war to 28 February, calling it a US and Israeli campaign against Iran.

What could happen next

  • Unclear when volumes can actually rise: Gulf exports stay limited while the Strait of Hormuz remains constrained.
  • Rystad Energy expects a pause in the fourth quarter, before quota negotiations for 2027.
  • Russian output runs near 9 million bpd against a 9.8 million target after Ukrainian drone strikes, per AFP.
  • The seven states meet again on 6 September to review the market.
How the camps see it

  • Saudi Arabia and Russia: Frame the increase as a collective commitment to market stability and want overproduced volumes compensated by the end of 2026.

  • Iraq: Presses for a 'fair share' and quotas aligned with its capacity, to raise oil revenue for its economy.

Also involved

UkraineUnited States and Iran

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