Seven OPEC+ members, including Saudi Arabia and Russia, to increase output by 188,000 barrels per day.
OPEC+ members have announced plans to boost oil production as energy markets show tentative signs of recovery amid the fallout of the US-Israel war on Iran.
OPEC+ said on Sunday that seven member countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – would raise output by 188,000 barrels per day from August after officials held a virtual meeting to “review global market conditions and outlook”.
