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OPEC signals a small quota increase for September
Delegates expect a collective target rise of about 188,000 barrels a day, with room to add more if Middle East supply disruptions ease after the US-Iran dispute.
Major OPEC members have agreed in principle to a further token production quota increase for September, a step that could support a gradual theoretical revival of output after supplies were curtailed in 2023, according to delegates cited by LiveMint Markets.
Two delegates said seven OPEC members led by Saudi Arabia and Russia are likely to lift their collective quota target by about 188,000 barrels a day next month during a video conference, even as conflict in the region continues to constrain actual supply.
LiveMint Markets notes that the group has raised quotas each month throughout the Iran war while keeping the option open for Saudi Arabia to raise output further once Persian Gulf flows return to normal, potentially helping replenish depleted global stockpiles.
The development comes as fuel costs have climbed due to conflict-driven supply squeezes, adding to inflation concerns, while the report links the outlook to efforts to reach a deal after President Donald Trump said the US would pause new strikes against Iran.