OPEC+ agreed to raise September crude output quotas by 188,000 b/d, a move that nominally cancels the group's 2023 voluntary cuts. The increase comes despite Iran-related hostilities constraining Middle East supply; the group has been lifting quotas monthly and plans to keep output steady for the rest of the year after September. The rise is largely symbolic for now, but normalization of Gulf flows could give Saudi Arabia scope to boost production and help rebuild depleted global inventories. Co

OPEC+ agreed to raise September crude output quotas by 188,000 b/d, a move that nominally cancels the group's 2023 voluntary cuts. The increase comes despite Iran-related hostilities constraining Middle East supply; the group has been lifting quotas monthly and plans to keep output steady for the rest of the year after September. The rise is largely symbolic for now, but normalization of Gulf flows could give Saudi Arabia scope to boost production and help rebuild depleted global inventories. Conflict-driven supply tightness is pushing up gasoline and diesel prices and raising market concerns about renewed inflationary pressure. OPEC+ will continue monthly meetings; the next is scheduled for Sept. 6.