OPEC+ expected to approve 188,000 barrels a day August increase
Business
OPEC+ countries, including Saudi Arabia and Russia, plan to ramp up oil production in August after months of disruption caused by conflict in the Middle East.
The group is expected to approve an increase of 188,000 barrels a day at its online meeting this Sunday, July 5, continuing a steady trend from recent months.
Iran US deal reopens Hormuz Strait
The reopening of the Strait of Hormuz, thanks to a deal between Iran and the US has restored vital maritime traffic and helped ease oil export bottlenecks.
Still, analysts say restarting shut-in production will take time, so oil prices may stay low for now.
Meanwhile, OPEC+ faces internal debates such as Iraq pushing for higher quotas to make up for past losses.