OPEC+ raises September oil quota by 188,000 barrels a day
Why it matters: The move completes the unwinding of 2023 cuts and could open room for bigger supply increases if Gulf flows recover.
OPEC+ approved another small increase in oil production targets, lifting September quotas by 188,000 barrels a day for seven members led by Saudi Arabia and Russia. The decision, reached in a video meeting on Aug. 2, completes the formal unwinding of supply cuts the group made in 2023. The increase is largely symbolic while the Iran war continues to constrain regional output, but it gives major producers scope to pump more once Persian Gulf flows normalize. That could help rebuild depleted global stockpiles and ease pressure on fuel costs that has raised inflation fears. The group has been raising quotas monthly during the conflict and is scheduled to meet again on Sept. 6.