AI Summary

OPEC+ is poised to approve another increase to its production target at a meeting of eight key members on August 2, continuing a series of adjustments that have been largely theoretical since the Iran war disrupted Gulf exports. Reuters reports that Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are expected to raise their combined September output by 188,000 barrels per day, mirroring the hikes announced for the previous three months. The move extends the ongoing effort to unwind voluntary supply cuts that have been in place for months.

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