OPEC+ countries say they will expand monthly oil production

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”.Recommended Stories list of 4 itemslist 1 of 4How a son rescued his father from the rubble of Venezuela’s earthquakeslist 2 of 4Haaland scores twice as Norway stun Brazil 2-1 in World Cup 2026 last 16list 3 of 4Venezuelan leader marks Independence Day with message of ‘no social unrest’list 4 of 4April Fools on July 5? Belgium see red as FIFA suspends Balogun’s match banend of listThe production boost is the fifth consecutive increase announced by the seven OPEC+ members in as many months, continuing a gradual unwinding of production cuts announced in 2023.OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers – including Russia, Bahrain and Oman – cut output in April 2023, and again in November 2023, amid a string of bank collapses that triggered a major sell-off in oil and other commodities.“The countries will continue to closely monitor and assess market conditions,” the intergovernmental organisation said in a statement, adding that officials had “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments”.The seven member countries added that they would meet again on August 2 to review the situation.After briefly topping $126 a barrel in April, Brent crude oil prices have fallen back to pre-war levels in recent days amid growing hopes for a permanent end to the Iran conflict and a return to normal shipping in the Strait of Hormuz.