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.