OPEC+ Boosts September Oil Production Amid Mideast War Disruptions

OPEC+ member countries agreed to increase oil production by 188,000 barrels per day from September. This decision was made during an online meeting on Sunday, in response to disruptions caused by the Mideast war. Saudi Arabia, Russia, and five other key members of OPEC+ participated in the meeting.

The increase was widely expected by analysts, as it marks the unwinding of voluntary cuts introduced by OPEC+ between late 2022 and 2023. These cuts reduced total output by nearly six million barrels per day.

Rystad Energy analyst Jorge Leon warned that 'today's decision changes little in the near term' due to ongoing disruptions at the Strait of Hormuz, which has limited oil exports from Gulf countries.