OPEC+ Boosts Oil Production as Global Prices Remain a Concern
OPEC+, the producer group led by Saudi Arabia and Russia, has raised oil production for September, completing its rollback of voluntary production cuts from 2023. The increase is around 188,000 barrels per day (bpd), which could potentially ease pressure on global crude prices.
India, one of the world's largest crude oil importers, may see relief in its energy bill due to this decision. Higher global supply could keep prices in check if geopolitical tensions do not worsen, analysts believe.
The increase follows several months of gradual output hikes by OPEC+ members, but previous production increases did not fully translate into higher global exports due to disruptions caused by the conflict in the Gulf and supply issues in Russia and Kazakhstan.