OPEC+ Set to Raise Oil Output Targets Amid Rising Prices and Disruptions

OPEC+ oil-producing countries are expected to raise their output targets for September, despite ongoing disruptions in the Gulf region. The group's seven core members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - will likely increase their target by around 188,000 barrels per day, a figure consistent with previous months.

The decision comes as oil prices have risen to $100 a barrel due to renewed concerns over Gulf exports. OPEC+ output is currently below quotas due to the ongoing Iran war, which has disrupted exports from Gulf members. In June, OPEC pumped 36.28 million bpd, down from almost 43 million bpd in February before the war began.

The seven core producers are boosting output as part of a phased rollback of a 1.65 million bpd supply cut agreed in 2023. The increase will fully unwind the cut, taking into account the UAE's exit from OPEC earlier this year.