Sources say OPEC+ is likely to agree at its Aug. 2 meeting to raise the
September production target by about 188,000 bpd, matching the June–August
increases, though the war in Iran is preventing some members from boosting
output. OPEC+ output remains well below quotas: June production was 36.28 mln
bpd versus nearly 43.0 mln bpd in February before the conflict. Refinitiv
calculations show that, after accounting for the UAE’s exit, a further ~188,000
bpd increase in the September target would fully unwind the 2023 production
cuts.
