Reuters: OPEC+ prepares for new oil production quota increase

The OPEC+ countries, which have increased their oil production quotas by 2.5 million barrels per day (2.4% of global demand) over the past six months, are preparing to increase them further. Exporters are planning to make a decision on this on September 7, according to Reuters .

This will mean that the organization, which controls about half of the world's oil production, will begin to cancel the second package of cuts of about 1.65 million barrels per day (1.6% of global demand) - more than a year earlier than originally planned.

OPEC+ has drastically changed its policy since April 2025, abandoning its longstanding strategy of production cuts.

So far, the increase in production has not led to the expected drop in oil prices, which are trading around $70 per barrel. The high prices are supported by Western sanctions against Russia and Iran, which encourages competitors, including the United States, to increase their own production.

It is worth noting that it is not physical oil production that is increasing, but quotas for countries that are gradually abandoning voluntary cuts. In fact, the production ceiling agreed with other members of the alliance is being raised for them.

• The International Energy Agency (IEA) predicts that global oil markets will face a record glut next year due to slowing demand growth and increasing supplies.