It's still not entirely clear what OPEC+ has actually decided but more reputable sources continue to say it's 100k bpd in September. That can mean 100k bpd of actual production, which would have to come from spare capacity of Saudia Arabia, UAE and Kuwait. Or it could be 100k bpd spread across all of OPEC+. In that case, it would mean a nearly-negligible increase because so many countries aren't pumping anywhere close to quotas.
There have been reports all week that not much was coming but many in the market were skeptical. OPEC surprised recently by increasing production despite similar reports. Biden had also flown to the Middle East and US officials said they believed more oil was coming. Adding to that, just today the US State Dept authorized weapons exports to Saudi Arabia in what looked like it could be a quid pro quo.
Oil is still down about $2 on the week and I think that big drop on Monday was OPEC jitters, so there's still work to do.
