Opec+ Agrees Sixth Straight Month of Oil Output Increases

Opec+ has agreed to increase oil output for the sixth consecutive month, completing the phased rollback of a 1.65 million b/d supply cut originally implemented in 2023.

The decision was made by core Opec+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, as part of their ongoing efforts to balance global oil markets.

The increase represents a continuation of the group's strategy to gradually restore pre-pandemic production levels, which were curtailed in response to sharp demand losses during the 2023 crisis.