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The Economic Times
The Economic Times
Business

OPEC+ agrees September oil hike, completing rollback of voluntary cuts

OPEC Oil

LONDON, - OPEC+ approved an oil production quota increase on Sunday of around 188,000 barrels per day from September, the producer group said, in ‌a move that ⁠completes the unwinding ⁠of a layer of voluntary output cuts.

Due to export disruptions from the Gulf, Russia and Kazakhstan caused by the Iran and Ukraine wars, ​successive monthly OPEC+ hikes over most of this year have remained largely on paper with little impact on the market.

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