Core OPEC+ members consisting of seven countries — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman — held meetings at a time when Iran's war continues to disrupt oil exports through the Strait of Hormuz. These disruptions limit the OPEC+ alliance's influence over oil prices and market share.
In August, the OPEC+ alliance approved production increases for September in line with a series of gradual increases intended to fully reverse the 1.65 million barrels per day supply cut agreed in 2023. Despite the agreed increases, the alliance's production remains far below target levels due to Iran's war.
The OPEC+ alliance consists of the Organization of Petroleum Exporting Countries (OPEC) and other countries including Russia.
