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Market Chatter: OPEC+ Reportedly Set to Raise September Oil Output Targets

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OPEC+ producers are expected to approve another oil output increase for September at their August 2 meeting, Reuters reported on Thursday.

Seven key members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, are reportedly expected to increase output targets by about 188,000 barrels per day in September, matching the monthly hikes approved since June.

The move comes as the group seeks to regain market share, though conflicts in Iran and the Red Sea continue to disrupt supplies. Oil prices have climbed toward $100 a barrel amid concerns over Gulf exports.

OPEC and the Russian Ministry of Energy did not immediately respond to requests for comment by.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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