Major OPEC+ nations have agreed in principle to another token increase in their production quotas for September, a move that would complete the theoretical revival of supplies halted in 2023 and give them scope to add more barrels once the Middle East war ends.
Seven members led by Saudi Arabia and Russia are likely to agree to boost their collective target by a further 188,000 barrels a day next month, two delegates said before a video conference on Sunday. The group has raised quotas each month throughout the Iran war even as supply from the region remains constrained by the conflict.
While the increase would be symbolic for now, it may give Saudi Arabia leeway to raise production once oil flows from the Persian Gulf return to normal, helping to replenish the world’s depleted stockpiles. A supply squeeze triggered by conflict is pushing up the cost of fuels
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