OPEC+ Nears Oil Output Hike as Meeting Looms

OPEC+, the alliance of oil-producing countries, is likely to approve an increase in its oil production target from September at its meeting on August 2. According to informed sources, the group will raise its production target by around 188,000 barrels per day (bpd) in September.

This move would match the increases approved for June, July, and August, signaling a continued effort to boost oil supply in the market. However, no final decision has been made yet, as the US-Iran conflict continues to limit some member states' ability to increase actual production.