OPEC+ Increases Oil Output by 188,000 Barrels Per Day in August

OPEC+ countries agreed to increase oil output by 188,000 barrels per day in August, their fifth consecutive monthly rise. The decision was made by seven member countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The move is aimed at market stability as oil prices ease following the US-Iran conflict. Oil markets have remained sensitive to shipping risks and diplomacy.

OPEC+ will continue to monitor supply and demand signals, adopting a cautious approach to avoid sudden shifts in the market. Crude prices dropped in the past month due to improving expectations and the interim deal between the US and Iran.

Before the war, the Strait of Hormuz carried about a fifth of the world's oil traffic, but it remains below pre-war levels. The conflict triggered an energy crisis across many regions, with disrupted flows and tight supply pushing costs higher for fuel buyers and import-dependent economies.