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OPEC+ Agrees to Increase Oil Production by 188,000 Barrels

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OPEC+ Agrees to Increase Oil Production by 188,000 Barrels

OPEC+ agreed to increase oil production by 188,000 barrels.

Saudi Arabia, Russia, and five other OPEC+ members agreed in a virtual meeting to increase their oil production by 188,000 barrels per day starting in September.

This production increase had been predicted by many analysts earlier, but disruptions in ship traffic through the Strait of Hormuz still pose a barrier to increasing exports for Gulf countries.

However, the timing for implementing the production increase is still unclear. Meanwhile, repeated drone attacks by Ukraine on Russia’s oil infrastructure have also impacted the country’s production capacity.

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