OPEC+ Agrees to Rollback Oil Production Cuts

OPEC+ has agreed to increase oil production by around 188,000 barrels per day from September. This move completes the rollback of voluntary output cuts introduced in 2023.

The decision was made by seven producers - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - following a meeting on Sunday.

The UAE is no longer part of OPEC+, having left the group earlier this year. Analysts say the additional supply will have little impact on global markets due to ongoing disruptions in exports caused by conflicts in the Middle East and Ukraine.