OPEC to weigh new August oil output hike at Sunday meeting

BAGHDAD, Iraq — OPEC is expected to decide on a new oil production increase of about 188,000 barrels per day for August at a meeting on Sunday, according to a report. The planned hike would match the level set for June and July. The decision comes after the reopening of the Strait of Hormuz eased global supply concerns and pushed crude prices lower. The 188,000-barrel figure aligns with the pace of the alliance's earlier phased unwind of cuts. Iraq, which has opposed OPEC's production cap policy, warned last week it could leave the organization if its share is not raised in line with the country's production capacity. Government sources said Baghdad has been weighing export options above the quotas set by OPEC to make up for recent losses in shipments. The outcome of Sunday's meeting is set to shape production policy across the group for the coming month. No further details on the final decision were immediately available.