OPEC+ Members Boost Crude Output Again Amid Ongoing Middle East Tensions
Seven major oil-producing nations in the OPEC+ group have announced they will increase their crude output for the sixth consecutive month, this time by 188,000 barrels per day in September. The decision was made following an online meeting on Sunday, which included Saudi Arabia and Russia among the participating countries.
The output hike is the same size as the one implemented in August, with the aim of preparing for a normalization of shipments once the situation in the Middle East stabilizes. This comes after US President Donald Trump called off US attacks on Iran in hopes of reaching a peace deal with Tehran, but crude oil shipments from the region remain unstable.
The seven countries have been gradually scaling back production cuts they had continued until last year. The decision to increase output may be aimed at addressing high prices of benchmark WTI futures, which are still elevated despite recent developments in the Middle East.