The group’s latest decision follows two prior monthly hikes and would fully reverse 2023 cuts if extended in September.
OPEC+ agreed to boost its collective oil production target by 188,000 barrels per day starting in August. The move extends similar increases implemented in June and July, bringing the group closer to unwinding last year’s supply cuts.
The latest hike matches the size of the previous two monthly adjustments. Analysts note that one more increase of roughly the same magnitude in September would fully reverse the 2023 output reductions.
The decision was reached ahead of the group’s next meeting scheduled for August 2, with no immediate market reaction reported.