In August, OPEC+ agreed on its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Despite the agreed production increases, the group still produces far below its targets because of the conflict.
OPEC+ still has another layer of production cuts in place, covering most members of the 21-country group until the end of 2026.
Before the group decides how to unwind the cuts and return production to the market, it needs to review members' oil production capacity to set 2027 output baselines, which form the basis for quotas.
