OPEC+ Agrees to September Oil Output Boost Amid Regional Conflict

OPEC+ countries have agreed to boost oil production by 188,000 barrels per day from September, despite ongoing disruptions caused by the regional conflict.

The decision was made in an online meeting between key members Saudi Arabia, Kuwait, Oman, and four other OPEC+ allies.

Jorge Leon, analyst at Rystad Energy, stated that OPEC+ has finished unwinding its voluntary cuts, but warned that the real market impact will come when normal export flows resume.

The increase was widely expected by analysts, with some predicting a pause in production changes later this year.