OPEC Plus Agrees Sixth Consecutive Output Increase for September Adding 188,000 Barrels Per Day Amid Iran War Uncertainty

OPEC+'s seven core producers, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed in a virtual meeting on Sunday to raise September output by 188,000 barrels per day, completing the phased unwinding of the 1.65 million bpd voluntary cut set in 2023 123. OPEC's statement said the move gives participating countries "an opportunity for the participating countries to accelerate their compensation" for prior overproduction 3. The group's statement made no mention of plans for the fourth quarter, though OPEC+ sources had told CNBC before the meeting that a pause was likely once the rollback finished 2. Separately, OPEC's Joint Ministerial Monitoring Committee, meeting the same day, said attacks on energy infrastructure and disruption of international shipping routes are "costly and time-consuming" to repair and increase market volatility. The statement was issued as the US-Iran war pause and continued Houthi attacks on Red Sea shipping disrupted two of the world's three major oil chokepoints 13. WTI settled up more than 1% at $84.67 a barrel and Brent at $90.12, both still off levels reached before the week's selloff 2. The seven producers are due to meet again on September 6 13.