OPEC+ agreed on Sunday to raise oil production by 188,000 barrels a day in September, marking its sixth consecutive monthly increase as the group seeks to restore supply to a market strained by global conflicts.
The increase is largely symbolic as the conflicts in Iran and Ukraine continue to disrupt exports, but it gives major producers like Saudi Arabia more flexibility to raise output once regional flows normalize.
The group also warned that attacks on energy infrastructure could further threaten supplies and increase market volatility.
Even if more crude becomes available, ExxonMobil and Chevron said gasoline and diesel prices will likely remain elevated because global refining capacity remains constrained, limiting relief for consumers.
