OPEC+ Set to Raise Oil Quotas in September Amid Global Disruptions

OPEC+ members are expected to raise their oil production quotas for September in an online meeting on Sunday. Analysts at Rystad Energy predict a 188,000 barrels per day increase, following several months of similar hikes.

This would be the last in the current series of production adjustments, according to Jorge Leon, an analyst at Rystad Energy. Between late 2022 and 2023, OPEC+ reduced oil production by nearly six million barrels per day to combat falling prices.

However, many members are struggling to meet their official targets due to a decline in production capacity. For example, Saudi Arabia's target is 9.8 million barrels per day, but it is currently producing around nine million barrels per day.

The Gulf countries have been impacted by the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in the Middle East. Iraq has expressed a desire to significantly boost production, but it remains unclear when OPEC+ will be able to increase its oil volumes.