iMetal

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”.

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The production boost is the fifth consecutive increase announced by the 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.