OPEC+ raises August output limits
The OPEC+ coalition, which includes Saudi Arabia, Russia, Iraq, Kazakhstan, Kuwait, Algeria, and Oman, has decided to increase oil production quotas by 188,000 barrels per day starting from August 2026, as part of its recent approach to boosting output. However, Gulf countries are still facing the repercussions of the Middle East war, with oil prices declining and indications of a recovery in maritime shipping activity. Oil supplies through the Strait of Hormuz could exceed ten million barrels per day as production gradually resumes.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)