OPEC+ Cartel Hikes Oil Production Amid Global Supply Concerns

The OPEC+ cartel has agreed to increase its crude production quota by around 188,000 barrels per day from September.

This decision was made by the seven key OPEC+ producers, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

However, the impact of this increase on global oil supplies may be limited due to ongoing disruptions in the Middle East, particularly the Strait of Hormuz, through which 20 per cent of the world's oil and gas exports transit.

Russia is also facing challenges in its oil industry following repeated Ukrainian drone attacks, which have reduced its production below its OPEC+ target of around 9.8 million barrels per day.