What to expect from OPEC+'s meeting this weekend

• OPEC+ is expected to raise August output targets by 188,000 barrels per day, a 'largely symbolic' increase, marking the fifth such boost since the Iran war began.
• Strait of Hormuz crossings remain volatile and below pre-war levels, despite an interim deal between the US and Iran, indicating ongoing geopolitical risk.
• The UAE's crude and condensate exports hit a record high in June following its exit from OPEC, while Iraq is lobbying for a higher production quota to address its fiscal challenges.
• OPEC Secretary General Haitham Al Ghais emphasizes the group's unity and resilience, stating that OPEC's strength is crucial for both consumers and producers.

OPEC+ members are set to increase August output by a largely symbolic 188,000 barrels per day, mirroring previous months' boosts. This decision comes amidst continued volatility in Strait of Hormuz crossings and the UAE's recent exit from OPEC to maximize its export capacity. Despite internal tensions and regional conflicts, OPEC asserts its unity and market relevance, with oil prices easing from wartime highs due to perceived de-escalation.