A handful of countries in the OPEC+ oil-producing alliance plan to increase their outputs modestly next month, which would bring more oil online after fuel prices have fallen to levels not seen since before the U.S. and Israel's war with Iran. This was reported by Qazaqyia.kz citing Associated Press.
The Organization of the Petroleum Exporting Countries and its allies — collectively known as OPEC+ — announced on Sunday that seven countries would expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth consecutive month OPEC+ agreed to raise oil outputs.
The participating countries in Sunday's decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
"The countries will continue to monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach," the group of oil producers said in a statement.
In the last month, market optimism caused crude oil prices to tumble before and after the U.S. and Iran reached an interim deal to end their fighting. As part of a broader memorandum of understanding, Iran agreed to allow ships to pass unimpeded through the Strait of Hormuz, and the U.S. agreed to end its blockade of Iran's ports.