OPEC+ has agreed to raise oil production by 188,000 barrels per day in August, marking its fifth consecutive monthly increase. The move comes as easing tensions in the Strait of Hormuz and improved shipping conditions have helped stabilise global oil supplies. The decision reflects ongoing efforts by member countries to balance markets amid shifting demand and geopolitical developments.
Seven members of the OPEC+ alliance will increase oil production by a combined 188,000 barrels per day in August, marking the fifth consecutive monthly output hike announced by the oil-producing group on Sunday.
Member countries confirm output hike
The countries participating in the increase are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
"The countries will continue to monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach," the group said in a statement.
Oil prices fall amid easing tensions
The production increase comes as crude prices have dropped to levels seen before the US and Israel's war with Iran. Brent crude, the international benchmark, traded below USD 72 a barrel after commodities markets opened on Sunday night, compared with highs of nearly USD 120 a barrel in March during the conflict.
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