OPEC+ to boost daily output by 188,000 barrels from August

The OPEC+ group decided to increase oil production by 188,000 barrels per day starting from August 2026, during a virtual meeting to review market conditions. This increase is part of the additional voluntary production adjustment plan announced in April 2023, with readiness to modify the quantities based on market developments, while maintaining a flexible approach to support the stability of global oil markets. The participating countries also reaffirmed their commitment to ongoing careful monitoring, compensation plans, and the implementation of agreed-upon targets.

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