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Seven OPEC+ Countries Plan 188,000 Barrel Daily Output Increase in August
Seven OPEC+ members agreed to raise combined oil production by 188,000 barrels per day starting in August. The move marks the fifth consecutive month of output increases by the group.
The IndependentAudio version
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Seven OPEC+ countries announced on Sunday they will increase oil production by a combined 188,000 barrels per day in August. The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group said the countries will continue to monitor market conditions and reaffirmed the importance of a cautious approach to support stability.
It was the fifth straight month OPEC+ agreed to raise outputs.
Crude prices have fallen after the U.S. and Iran reached an interim deal to end fighting. Brent crude closed below $72 a barrel on Friday, near levels seen before strikes on Iran began in late February. As part of the interim agreement, Iran allowed ships to pass through the Strait of Hormuz while the U.S. ended its blockade of Iranian ports.
Ship traffic has increased but remains below pre-war levels. Iran's joint military command warned Thursday that tankers must use approved routes or face a forceful response. Negotiators continue to seek a final peace agreement. The war had previously blocked most shipping through the strait, which carried about one-fifth of global oil before the conflict.
Limited earlier production increases by OPEC+ could not offset the supply impact.
