OPEC+ Output Boost
OPEC+ is raising oil production again as prices ease and exports recover.
Summary
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed to raise OPEC+ oil output targets by 188,000 barrels per day from August, adding barrels as the alliance unwinds earlier curbs. The increase is part of a gradual rollback of voluntary production cuts adopted in 2023, following similar quota increases for June and July. The decision comes as oil prices have fallen back near pre-conflict levels and exports through the Strait of Hormuz recover after months of disruption. The countries said they remain committed to stabilizing the market and will adjust production based on conditions.
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