OPEC Eyes September Production Boost Amid Market Rebound

OPEC will increase its oil production targets by around 188,000 barrels per day (bpd) in September as part of its plan to gradually return more supply to the market after years of production cuts.

The decision comes ahead of a year-end freeze on further output increases. According to Reuters, sources familiar with the matter confirmed that OPEC will tie this adjustment to its effort to restore oil supplies to the market.

OPEC's output has already climbed to 19.34 million bpd in June, rising by 3.3 million bpd from the previous month due to Gulf producers restoring supplies following disruptions linked to the closure of the Strait of Hormuz.