OPEC+ said to approve additional 188,000 bpd production hike for August

BAGHDAD, Iraq — OPEC+ has approved in principle an additional production increase of 188,000 barrels per day for August, ahead of the alliance's formal meeting on Sunday, a source familiar with the talks told Reuters. Two separate sources said the increase is expected to be officially ratified at the OPEC+ meeting and incorporated into the group's production targets as part of its global supply management. Iraq's Oil Ministry signaled it could leave the organization if its allocated production quota is not raised. The ministry said Iraq is seeking a share that reflects its current output capacity and future needs, according to government sources. Government officials said Iraq had been considering producing above the OPEC-set ceiling to offset a recent decline in exports, the sources added.