OPEC+ Plans September Oil Boost Despite Iran</s>
The OPEC+ coalition countries are preparing to increase oil production starting in September, with seven key members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—expected to raise their production quotas by approximately 188,000 barrels per day. This is the same increase that has been approved in recent months. This move comes at a time when Gulf oil exports are still affected by renewed clashes with Iran and attacks targeting Saudi oil tankers, which have led to a decline in production compared to the targeted quotas. In June, production was around 36.28 million barrels per day, compared to approximately 43 million barrels per day before the war in February. The new increase aims to gradually phase out the production cut of 1.65 million barrels per day agreed upon in 2023, with the expectation that this will be fully achieved by September. However, some challenges remain for members in increasing production, particularly due to the ongoing war and security disruptions.
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