OPEC+ to Complete Unwinding of Oil Output Cuts With Big September Hike

The eight OPEC+ producers withholding supply to the market are set to complete the unwinding of their 2.2 million barrels per day (bpd) production cuts from 2023 with another supersized output hike of 550,000 bpd for September, five sources with knowledge of the alliance’s discussions told Reuters on Monday. Since starting to unwind the cuts earlier this year, OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman made a small output increase of 138,000 bpd in April and then began to aggressively raise production…