OPEC+ Agrees to Boost Oil Production Amid Global Disruptions

OPEC+, the oil cartel comprising seven key producers including Saudi Arabia and Russia, has agreed to hike its crude production quota by 188,000 barrels per day from September.

The decision was made in response to restored exports, global demand, and oil prices. However, analysts expect the group to take a more cautious approach after this increase.

Rystad Energy predicts OPEC+ will hold production levels steady during the fourth quarter before discussions begin around quotas for 2027.