OPEC+ plans to halt production increases after September, saying it will assess the impact of the Iran war on supply.

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As the coalition of oil-producing countries continues to assess the impact of the Iran war on rapidly changing global oil supplies, OPEC+ is expected to suspend further increases in production quotas after completing the last increase in September.

According to Bloomberg, citing two delegates, OPEC+ currently plans to approve an agreement to raise the September oil production quota by 188,000 barrels per day at an online meeting scheduled for August 2. This increase will complete the current round of production increases, and OPEC+ has no further plans to raise output for the rest of the year. However, specific arrangements may be adjusted depending on changing circumstances.

For several months, the Organization of the Petroleum Exporting Countries (OPEC) has been gradually increasing the amount of oil member states are allowed to produce, and in May this year set a roadmap to extend these measures through September.

In reality, the Iran war has rendered these planned increases largely symbolic, as key Middle Eastern members of the organization have been forced to cut some production and exports.

During the war, Iran has been attacking oil tankers in the Strait of Hormuz, resulting in uncertainty about the scale of supply losses and increasing the difficulty for OPEC+ to formulate production policy, while further exacerbating oil price volatility.

During this intermittent conflict, international oil prices have fluctuated violently. Last week, Brent crude futures briefly surpassed $100 per barrel, but after the United States and Iran reached a ceasefire, oil prices fell for three consecutive days, and as of press time were reported at $82 per barrel.

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