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.
Investors wipe $2.5 trillion off Nasdaq as blue tsunami prompts AI fears
Emirates Groups announces AED4.1 billion pre-tax profit in H1 2026
Disney's Pixar names Jonathan Garson president as Jim Morris steps back
DIP Holding places final IPO price
Gulfood Manufacturing brings global industry leaders to Dubai
