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.

OPEC+ output is currently far below the quotas as the Iran war ​disrupts exports from Gulf members. OPEC+ in June pumped 36.28 million bpd, down from almost 43 million bpd ‌in February ⁠before the war began, OPEC figures show.

The August 2 meeting comes as oil prices have risen to $100 a barrel amid renewed concerns over Gulf exports after the collapse of a preliminary U.S.-Iran peace agreement, which had allowed shipments to increase through the Strait of Hormuz.