OPEC+ to Raise September Oil Output Target Amid Regional Tensions

OPEC+ is expected to increase its oil production target by about 188,000 barrels per day (bpd) for September at its upcoming meeting on August 2. This would be similar to the increases implemented in June, July, and August, and mark the completion of the rollback of the group's voluntary production cuts from 2023.

The ongoing conflict involving Iran has disrupted oil exports from the Gulf, pushing OPEC+ output below its quotas. The breakdown of a preliminary U.S.-Iran peace agreement and recent Houthi attacks on Saudi oil tankers have driven oil prices to around $100 per barrel.