OPEC+ Approves Oil Production Hike as Output Cuts Come to an End

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

The decision was made by seven producers: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The UAE is no longer part of OPEC+, having left the group earlier this year.

Analysts say the additional supply will have a minimal impact on global markets due to ongoing disruptions caused by conflicts in the Middle East and Ukraine.