The OPEC+ alliance has agreed to increase oil production by 188,000 barrels a day from August as it continues gradually unwinding voluntary supply cuts introduced in 2023, while warning future production increases could still be paused or reversed if market conditions change.
The decision followed a virtual meeting on Saturday involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The seven countries said the additional production would take effect from August as part of their latest monthly adjustment under the alliance's production strategy.
