Seven members of the OPEC+ alliance have agreed to increase oil production from August as global energy markets show signs of recovery, EDnews reports.
In a statement issued after a virtual meeting on Sunday, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman announced they would raise combined oil output by 188,000 barrels per day starting next month.
The group said the decision followed a review of global market conditions and the outlook for energy demand.
The latest increase marks the fifth consecutive monthly production boost by the seven countries, continuing the gradual rollback of voluntary production cuts introduced in 2023.
The move comes as oil markets continue to recover following recent geopolitical tensions, including the conflict involving the United States, Israel and Iran.
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