OPEC+ in essence agreed to increase the oil production ceiling by about 188,000 barrels per day from September, and then stop the increases in the fourth quarter

OPEC+ has in principle agreed to raise the oil production ceiling by roughly 188,000 barrels per day from September and then stop the increases in the fourth quarter. A knowledgeable source told Reuters on Sunday.

A representative and another OPEC+ source also said they expect today’s meeting to reach the same outcome.

The increase corresponds to the figures for June, July and August, and with its implementation, the full restoration of the voluntary cut of 1.65 million barrels per day agreed in 2023 will be completed.

The seven decision-making countries are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The United Arab Emirates left OPEC and OPEC+ in Ordibehesht (April/May).