OPEC+ Set to Fully Restart 2023 Supply with Small September Boost

Major OPEC+ nations have reached a preliminary accord to lift production quotas by a small amount in September, delegates said. The planned increment would finish unwinding the supply curbs that the group imposed in 2023.

If confirmed, the move represents the final step in a phased strategy to return barrels that were voluntarily removed from the market. The increase is described as token, suggesting it may not materially alter global balances in the short term.

Final approval from all participating members is still pending. The decision comes amid cautious demand forecasts and ongoing geopolitical uncertainty, with the group aiming to maintain cohesion while gradually easing supply restraint.