finance
OPEC+ Group Plans August Output Increase of 188,000 Barrels Daily
The seven-member OPEC+ group is expected to approve another production quota increase for August. The decision follows earlier hikes that began after U.S. and Israeli strikes on Iran.
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The seven-member OPEC+ group plans to raise its collective production quota by 188,000 barrels per day for August, according to unnamed sources cited by Reuters. The increase would follow a similar quota adjustment approved last month for July. The group began the series of quota hikes after U.S. and Israeli strikes on Iran that preceded the latest conflict in the Middle East.
The exports include previously stored oil and benefit from improved shipping conditions through the Strait of Hormuz. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman make up the seven-member group that has maintained production restraints since 2023.
Oil prices showed little movement following reports of the planned quota increase. Production levels remain near record highs while Middle East exports continue to recover.
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