OPEC+ Poised to Raise Output Targets Amid Ongoing Disruptions

OPEC+ oil-producing countries are likely to agree on another output target increase in September, despite disruptions caused by the ongoing Iran war. The group has been gradually raising targets in recent months, aiming to recapture market share when the conflict ends.

The seven core OPEC+ members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - are expected to boost their output target by 188,000 barrels per day for September. This would be the same increase as in June, July, and August, according to sources close to the matter.

The OPEC+ output is currently below quota due to disruptions caused by the Iran war, which has affected exports from Gulf members. In June, OPEC+ produced 36.28 million barrels per day (bpd), down from almost 43 million bpd in February before the conflict began.