OPEC+ Agrees to Sixth Consecutive Oil Production Boost Amid Iran Conflict

The Organization of the Petroleum Exporting Countries (OPEC+) and its allies have agreed to increase oil production in September by 188,000 barrels per day. This decision comes as the Strait of Hormuz remains impassable for maritime traffic due to the ongoing conflict between Iran and other countries.

OPEC+ will increase daily production for the sixth consecutive time amid the war with Iran, marking a commitment to gradually reverse the 2023 decision to cut production by 1.65 million barrels per day.

The group's statement did not mention the war with Iran or disruptions in the Strait of Hormuz, through which about 20 million barrels of oil passed before the war. However, it expressed concern over attacks on energy infrastructure, which will lead to increased market volatility and require costly and lengthy repairs.