OPEC+ Halts Quota Hikes Amid Ongoing Iran War Uncertainty

OPEC+, the global oil producer group, is planning to pause its quota hikes after September due to the ongoing Iran war. According to two delegates who spoke to Bloomberg, the group will finalize a 188,000 barrel-per-day increase in its production quota for September, but there are no plans for further hikes this year.

The decision comes as OPEC+ continues to assess the impact of the conflict on global oil supplies. The group had previously been increasing production quotas by small amounts each month, but it appears that these increases will now come to an end.