OPEC+ is expected to approve another production target increase of about 188,000 barrels per day (bpd) for September at its August 2 meeting, according to Reuters sources. The increase would match those implemented for June, July, and August and complete the rollback of the group's 2023 voluntary production cuts.
However, the ongoing conflict involving Iran continues to disrupt oil exports from the Gulf, leaving OPEC+ output well below its quotas. The breakdown of a preliminary U.S.-Iran peace agreement and recent Houthi attacks on Saudi oil tankers have pushed oil prices to around $100 per barrel amid renewed concerns over regional supply.
If approved, the September increase would fully unwind the production cuts agreed in 2023, adjusted for the United Arab Emirates' exit from OPEC earlier this year.