OPEC+ May Raise Output Quotas by 188,000 Barrels a Day

According to three sources, OPEC+ is likely to agree at its August 2 meeting to further raise its production target from September, despite the Iran war again making it difficult for some members to increase output. According to Jin10, the sources said OPEC+ is likely to raise its September production target by about 188,000 barrels a day, the same increase as in June, July, and August. OPEC+ output remains well below quotas because the Iran war has disrupted exports from Gulf members. Data showed OPEC+ production was 36.28 million barrels a day in June, down from nearly 43 million barrels a day in February before the war broke out. Reuters calculations showed that, taking into account the impact of the UAE's exit, another increase of about 188,000 barrels a day in September would fully unwind the 2023 supply cuts.