OPEC+ Targets August Output Hike to Stabilize Global Supply

Saudi Arabia, Russia, and Iraq are spearheading the move to expand output as the consortium looks to recover from the supply vacuum left by the U.S.-Israeli conflict with Iran. The proposed increase builds upon existing targets established for June and July, aiming to restore confidence among traders who remain wary of long-term infrastructure disruptions.

Internal friction persists as the group navigates the UAE's planned exit and Iraq’s insistent calls for higher production shares. While a memorandum of understanding suggests a path toward consistent operations, Brent crude price volatility continues to test the coalition’s cohesion in a shifting geopolitical landscape.