OPEC+ Boosts Oil Production Amid Ongoing Middle East Disruptions

OPEC+ has agreed to boost oil production by 188,000 barrels per day in September, following a joint decision by key members including Saudi Arabia and Russia. This increase is part of the unwinding of voluntary cuts implemented earlier.

Analysts had widely expected this move, which aims to address disruptions caused by the Middle East war. However, the Strait of Hormuz remains constrained, limiting export flows.

Rystad Energy analyst Jorge Leon noted that OPEC+ has 'finished unwinding its voluntary cuts' but warned that the real market impact will come when normal export flows resume.