OPEC+ plans oil quota hikes to restore 1.65m bpd cuts

The Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, are planning to gradually increase oil production quotas to restore a 1.65 million barrels-per-day output cut by September 2026. Despite ongoing geopolitical tensions in the Middle East, actual production growth has remained limited due to operational challenges and supply disruptions. OPEC+, led by Saudi Arabia and Russia, has already agreed to reinstate nearly two-thirds of the production cuts and is expected to implement three additional monthly quota increases in the coming months.