OPEC+ tipped to raise production again but new quotas loom
OPEC+ nations may raise quotas again but they have little capacity to produce and export more oil as Russia's infrastructure has come under Ukrainian attack and the Strait of Hormuz remains closed to most tanker traffic (AFP)
Saudi Arabia, Russia and five other members of OPEC+ are expected to raise their oil production quotas for September when they meet online on Aug. 2 as the Middle East war continues to disrupt global energy supplies.
The enlarged Organisation of the Petroleum Exporting Countries will likely increase production by 188,000 barrels per day, following several months of similar hikes, said Jorge Leon, an analyst at Rystad Energy.
However, the September increase is likely to be the last in the current series of production adjustments, he said.
