OPEC+ likely to again raise oil output targets from September

OPEC+ oil-producing countries will likely agree a further hike in output targets from September when they meet on August 2, three sources said, even though the Iran war is again hindering some of its members from pumping more.



The group has been raising targets in recent months, hoping to recapture market share when the war ends. But their plans have been repeatedly delayed by renewed fighting and disruptions to oil flows from the Gulf and in recent days from the Red Sea.



Seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, will likely increase their output target by about 188,000 barrels per day for September, the same as for June, July and August, the sources told Reuters.



OPEC and Russian authorities did not immediately respond to a request for comment. All sources spoke on condition of anonymity and said no final decision had been made.