OPEC+ to raise oil output for fifth time since Iran war began

Seven OPEC+ countries agreed on Sunday to raise oil production by 188,000 barrels per day in August, the group said, marking the fifth consecutive increase since Israel and the United States began attacks on Iran on February 28.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided on the increase during a virtual meeting to review global oil market conditions and the outlook, OPEC said in a statement.

The group did not mention the US-Iran conflict or disruptions in the Strait of Hormuz, where traffic remains below prewar levels, but said it would continue to monitor market conditions and retain flexibility to increase, pause or reverse the phase-out of voluntary production cuts.