OPEC+ Plans to Increase Oil Output Despite Production Challenges
OPEC+ is set to approve another increase in oil production targets, continuing efforts to unwind voluntary supply cuts. The decision comes as key producers, including Saudi Arabia and Russia, plan to raise their combined output by 188,000 barrels per day in September. However, actual production has been declining due to disruptions in the Middle East, particularly in the Strait of Hormuz and the Red Sea. These geopolitical tensions have hindered the ability of Gulf producers to meet higher targets, despite the official increases. 
