OPEC+ has agreed to increase oil production by around 188,000 barrels a day from September, completing the rollback of voluntary output cuts introduced in 2023.
The increase was agreed by seven producers – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman – following a meeting on Sunday. The UAE is no longer part of OPEC+, having left the group earlier this year.
Analysts say the additional supply is unlikely to have a major impact on global markets because exports continue to be affected by disruption linked to conflicts in the Middle East and Ukraine.
OPEC+ is expected to review production policy again next month as it prepares to negotiate new output quotas for 2027.
US court rules Meta, other tech firms must face thousands of social media addiction lawsuits
US judge dismisses criminal case against Indian billionaire Adani
Abu Dhabi and Dubai explore seamless parking integration
Global Village opens registration for F&B outlets
UAE advances agentic AI project targeting 50% of government operations
