OPEC+ Boosts Oil Output Amid Ongoing Middle East Tensions

OPEC+ has agreed to increase crude oil output for a sixth consecutive month in September, despite the ongoing uncertainty in the Middle East.

The group will collectively add 188,000 barrels per day next month, the fourth straight month of this level of production increase.

This move comes as the region teeters on the verge of an all-out war between the US and Iran, with Houthi rebel attacks on Red Sea shipping further complicating global energy supplies.

The seven core countries of OPEC+ - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - agreed to raise production next month as they met virtually and reviewed global market conditions.