OPEC, Allies Increase Oil Output for Sixth Time in a Row

OPEC+ announced a further output increase of about 188,000 barrels a day for September, marking its sixth straight monthly hike. The move completes the planned unwinding of 1.65 million barrels a day in voluntary cuts agreed in 2023, though broader 2022 cuts remain in place through year-end. The decision signals that the cartel and allies are shifting toward restoring supply, which could pressure oil prices if the barrels fully reach the market. However, analysts note actual supply may fall short because of ongoing disruptions in the Persian Gulf tied to the Iran war. The announcement sets up more difficult negotiations over future production quotas and the 2027 supply balance.