OPEC+ agrees September oil output hike, completing cuts rollback
OPEC+ member states agreed to raise oil output for September, completing the rollback of voluntary production cuts that began earlier in the year. The move comes as export disruptions tied to the Iran and Ukraine wars have muted the market impact of monthly increases.
OPEC and its allies agreed to raise September production targets, formally completing the rollback of voluntary output cuts that began earlier this year. The decision marks the final step in a gradual supply-increase plan the group had been working through for months.
Analysts, however, say the move's market impact may be muted. Export disruptions stemming from the wars in Iran and Ukraine have largely offset the price-dampening effect that monthly output increases would normally be expected to have.
Market watchers say supply-demand balance in the coming months will likely remain hostage to geopolitical developments, with OPEC+ production policy alone unlikely to determine the direction of prices.
Read next
Trump says he is cancelling Iran strikes as deal 'perimeters' agreed
US President Donald Trump said he is cancelling planned strikes on Iran, subject to a deal being finalized rapidly, claiming Iran and other Middle Eastern countries asked Washington to hold off as the 'perimeters' of an agreement had been reached.
Australia petrol prices set to jump as fuel excise cut ends
Tunisia enforces rolling blackouts as heatwave strains power grid
Ngāi Tahu Farming chosen to operate New Zealand's largest farm, Molesworth Station
