OPEC+ plans September oil output increase

OPEC+ alliance countries are preparing to increase oil production in September by approximately 188,000 barrels per day, during their scheduled meeting on August 2nd. This move comes despite ongoing tensions with Iran, which hinder some members' ability to boost output. The decision is part of a plan to remove the voluntary production cut of 1.65 million barrels per day. In June, the alliance's production was around 36.28 million barrels per day, down from 43 million barrels before the war in February. This development reflects an effort to strengthen market share and stabilize oil prices, which have risen to $100 per barrel due to deteriorating conditions in the Gulf, especially following recent attacks on Saudi oil tankers and the fallout from the collapse of a peace agreement between the United States and Iran.

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