OPEC+ reaches preliminary deal on 188,000 bpd output hike from September

BAGHDAD, Iraq — OPEC+ has reached a preliminary agreement to raise its collective oil production target by about 188,000 barrels per day starting in September, according to a Reuters report citing sources familiar with the talks. The increase would be followed by a pause on further output hikes in the final quarter of the year, the report said. An OPEC+ delegate and a separate source told Reuters they expected the same outcome to be announced at the group's meeting on Sunday. Energy sources reported last week that OPEC+ planned to halt its gradual output increases after September and keep production steady through the end of 2026. Reuters, citing four sources, said the decision to pause output hikes reflected the alliance's need for further talks before deciding on 2027 production quotas. No immediate comment was available from OPEC+ officials.