Seven OPEC+ nations — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — agreed to increase oil production by 188,000 barrels per day in August, according to a CBS report cited by N12. The increase marks the fifth consecutive monthly output hike, as fuel prices fall to levels not seen since before the US-Israel-Iran conflict.
Seven OPEC+ countries agreed Monday to raise oil production by 188,000 barrels per day in August, the fifth consecutive monthly increase by the alliance, according to a CBS report cited by Israeli news outlet N12. The decision comes as global fuel prices have declined to levels not seen since before the US-Israel-Iran military confrontation earlier this year. The Zioneer has previously reported on related oil market developments, including record US oil exports and fluctuations in Iranian output amid sanctions and naval blockade. The output hike reflects OPEC+'s effort to stabilize prices while maintaining market share.
- DevelopingUS oil exports hit record 5.4 million barrels per day in May, surpassing Russia and Saudi Arabia
- DevelopingIran oil production down 19% in past month, OPEC data shows
- DevelopingOil spikes 5% on US-Iran peace talk jitters
- StrongIraq reportedly considers leaving OPEC over oil production quota dispute
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