OPEC+ Set to Raise Oil Production Quotas for September Amid Regional Disruptions

The Organization of the Petroleum Exporting Countries (OPEC+) is expected to increase oil production quotas for September, according to analysts. Saudi Arabia, Russia, and five other members are likely to raise their quotas by 188,000 barrels per day.

This would be the last in a series of production adjustments, following several months of similar hikes. Between 2022 and 2023, OPEC+ reduced oil production by nearly six million barrels per day to counter falling oil prices.

However, many OPEC+ members are struggling to meet their official targets due to a decline in production capacity. The Gulf countries have faced challenges increasing exports due to the Strait of Hormuz disruption orchestrated by Iran during the Middle East war.