OPEC+ lifts September oil quota by 188,000 barrels a day

OPEC+ agreed to raise its September oil production target by 188,000 barrels a day, completing the unwinding of a voluntary cut first adopted in 2023. The decision was made Sunday in a virtual meeting of seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The move marks the sixth straight monthly quota increase, though recent hikes have had limited market effect because wars involving Iran and Ukraine have disrupted exports. OPEC+ still has another layer of roughly 2 million barrels a day in cuts from 2022 that remains in place through the end of 2026. The group said it will meet again on Sept. 6 to decide October production levels.