OPEC+ approved on Sunday an oil production quota increase of around 188,000 barrels per day from September, completing the phased unwinding of voluntary output cuts. This decision ends the rollback of a 1.65 million bpd supply cut agreed in 2023. Oil prices rose on Friday after Iran attacked two tankers in the Strait of Hormuz, with Brent closing at $90.12 per barrel and WTI at $84.67. Another layer of cuts of approximately 2 million bpd, decided in 2022, remains in place until year-end. OPEC+ is currently reviewing its members’ production capacity for 2027 quotas, with Iraq pushing for higher individual targets.
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