OPEC+ Has Plan to Complete Series of Quota Hikes, Delegates Say

Key OPEC+ members aim to continue a series of oil quota increases over the next few months, completing the return of a layer of halted production — if only on paper — by the end of September, delegates said.

The group already formally agreed to restore about two-thirds of a 1.65 million barrels a day supply cutback that it made back in 2023. It plans to raise targets further and revive the final portion in three more monthly stages, even though major members can’t actually deliver such hikes while the Iran war blocks exports from the Persian Gulf, three delegates said. They asked not to be identified as the process is private.