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.
Middle East Energy 2026 opens in Dubai
Shein shares slide in Hong Kong debut on worries about trade, regulatory risks
DWTC gears up for packed calendar of events and exhibitions
UAE, Egypt continue cooperation on Banque Misr branches
UAE, Lebanon sign agreement to establish joint Business Council
