OPEC+ Boosts Oil Production Amid Ongoing Middle East Conflict

The OPEC+ cartel has agreed to increase its crude production quota by around 188,000 barrels per day from September, restoring earlier cuts made in 2023. The decision was taken by seven key producers, including Saudi Arabia and Russia.

The move may not have an immediate impact on global oil supplies due to the ongoing Middle East conflict, which has disrupted exports through the Strait of Hormuz.

Russia is facing pressure from Ukrainian drone attacks on its energy infrastructure, reducing production below its OPEC+ target. The UAE's exit from the group in May has added uncertainty to the situation.