7 OPEC+ countries agree to expand monthly oil production modestly as prices slide
Summary
Seven countries in the OPEC+ group agreed to increase their oil production by 188,000 barrels per day in August. This decision comes as oil prices have fallen close to levels seen before recent conflicts involving the U.S., Israel, and Iran.Key Facts
- The seven countries increasing production are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
- This is the fifth month in a row that OPEC+ has raised oil production.
- Oil prices recently dropped to under $72 a barrel, near pre-conflict levels.
- The drop in prices follows an interim deal between the U.S. and Iran to end fighting and ease port blockades.
- The deal allows ships to pass through the Strait of Hormuz, a key route for about one-fifth of the world’s oil.
- Despite the deal, ship traffic through the strait is still below levels before the conflict.
- Iran warns oil tankers to use approved routes through the strait or face strong consequences.
- Earlier conflicts caused an energy crisis by limiting shipping and oil supplies worldwide.
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