Overview

• Eight OPEC+ energy ministers from Saudi Arabia, Russia and six other states will meet online on August 3 to set September output targets and complete the 2.2 million barrels‐per‐day tranche reintroduction
• The alliance has been easing cuts since April and accelerated increases in July with a 548,000 b/d boost over prior months
• Analysts say markets have priced in the move, keeping Brent crude near $70 per barrel as producers aim to regain market share without driving prices lower
• OPEC+ signals a likely halt to quota hikes after September and plans to discuss restoring another 3.7 million b/d at its full 22-member summit in November
• Geopolitical pressures, including U.S. threats of hydrocarbon tariffs on Russian exports over the Ukraine conflict, continue to complicate the group’s supply strategy