Major OPEC+ nations have agreed in principle to another small increase in their production quotas for September. This move will complete the theoretical revival of supplies that were halted in 2023.
Despite these monthly hikes throughout most of the year, the market has seen little impact due to export disruptions caused by the wars in Iran and Ukraine.
The cartel is now nearing the end of this cycle of production hikes, which provides them the scope to add more barrels once the Middle East war ends. However, potentially difficult talks over future quotas loom.