Riyadh, Saudi Arabia – (Web Desk) OPEC+ member countries have agreed to increase oil production for August following a virtual ministerial meeting attended by representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to the meeting’s outcome, the alliance approved an increase of 188,000 barrels per day (bpd) in crude oil production, with the adjustment set to take effect from next month.
The decision comes as OPEC+ continues to monitor global energy demand, oil market stability, and supply conditions amid ongoing geopolitical developments.
Reports indicate that production adjustments were previously influenced by regional tensions, including disruptions linked to the closure of the Strait of Hormuz during the conflict involving the United States and Iran, which affected oil supply and market dynamics.
The latest increase reflects the group’s efforts to balance global crude oil supply while responding to changing market conditions.
