OPEC+ Set to Approve New Oil Output Hike in August

OPEC+, an alliance of oil-producing countries, is poised to approve another increase in its production target at its upcoming meeting on August 2.

According to informed sources, the group will likely raise its production target by about 188,000 barrels per day (bpd) from September, matching the increases approved for June, July, and August.

The sources note that no final decision has been made yet due to ongoing limitations in actual production caused by the US-Iran conflict affecting some member states.