Sources say that OPEC+ is likely to raise its oil production targets again in September.

Seven members of OPEC+ will meet on 2 August

*?Iran War pushes Oil Back to $100 Per Barrel

Red-Sea Threats Raise Gulf Export Concerns

Olesya Astakhova & Alex Lawler

MOSCOW/LONDON - OPEC+ countries will likely agree to a new increase in 'output aims' for September at their meeting on August 2. This is despite the fact that the Iran War has again prevented some members from pumping even more oil.

In recent months the group has raised its targets, hoping to regain market share once the war ends. Their plans have been repeatedly stalled by the'renewed fighting and disruptions in oil flows from Gulf and, most recently, from the Red Sea.

Sources say that seven core OPEC+ countries, Saudi Arabia (as well as Russia, Iraq Kuwait, Algeria and Kazakhstan), will increase their production target by 188,000 barrels a day in September, just like they did for June, July, and August.

OPEC or Russian authorities did not respond immediately to a comment request. All sources spoke under 'anonymity' and stated that no?final decisions had been made.

OPEC+ production is far below the quotas, as the Iran War disrupts exports by Gulf members. OPEC+ pumped 36.28 millions bpd during June, down from nearly 43 million bpd before the start of the war in February.

The meeting on August 2 comes at a time when oil prices are up to $100 per barrel and there is renewed concern over Gulf exports following the collapse of an initial U.S. Iran peace agreement that had allowed for increased shipments through the Strait of Hormuz.

In recent days the Houthis have?also targeted Saudi Arabian oil tanks, disrupting Saudi?exports via the main Gulf?bypass.

The seven OPEC+ members are increasing output in order to reverse the 1.65 million bpd cut that was agreed upon back in?2023, before the United Arab Emirates left OPEC 'in May.

Calculations show that an additional increase of 188,000?bpd for September will fully unwind the?2023 cut, taking into account the UAE 'exit. Calculations show that an additional increase of 188,000 bpd in September will completely unwind the cut for '2023, taking into account the UAE exit.

OPEC+ has 21 members, including Iran. However, in recent years, only seven countries (and the UAE, until it left) have been involved with monthly production management. (Written by Ahmad Ghaddar; edited by Kirsten Doovan, Dmitry Zhdannikov, and Alexander Smith).

(source: Reuters)