OPEC+ to Raise Oil Output Amid Middle East Tensions

OPEC+ is expected to raise its oil production quotas for September as tensions in the Middle East disrupt global energy supplies. The group, which includes Saudi Arabia and Russia, will likely increase output by 188,000 barrels per day, according to analyst Jorge Leon.

This move follows several months of similar hikes, but many members face declining production capacity due to infrastructure issues and drone attacks. The Gulf countries have struggled to export oil due to disruptions in the Strait of Hormuz, while Russia's oil infrastructure has been targeted by Ukrainian drones.

The September increase is likely to be the last in the current series of production adjustments, with analysts warning that OPEC+ may face 'difficult talks' over new production quotas starting next year. The UAE's withdrawal from the group in May highlighted a weakness in cohesion among members, but Leon notes that this is not currently a risk.