OPEC+ Approves Fresh Oil Output Increase Amid Mideast Supply Risks

OPEC+ members have agreed to increase oil production by 188,000 barrels per day from September, as part of efforts to adjust supply levels amid ongoing Middle East conflict uncertainty.

The decision was reached during an online meeting on Sunday involving key members of the expanded Organisation of the Petroleum Exporting Countries (OPEC+).

Jorge Leon, an analyst at Rystad Energy, noted that this increase is part of OPEC+'s gradual move to reverse earlier supply restrictions introduced to support oil prices.

However, Leon also pointed out that the immediate impact of the decision could remain limited due to continued disruptions affecting oil transportation routes, particularly the Strait of Hormuz.