London, July 5 (SANA) OPEC+ agreed on Sunday to increase crude oil production targets for August, according to a statement issued after a meeting of the alliance.
The group agreed to raise production quotas by 188,000 barrels per day (bpd) in August, continuing a series of increases approved for June and July.
Seven key OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, had previously agreed to raise production by a combined 800,000 bpd between April and July.
The alliance said the production increase reflects its ongoing efforts to adjust supply in line with market conditions.
According to OPEC data, the group’s oil production stood at 33.13 million bpd in May, compared with 42.77 million bpd in February. Production began to recover in June as crude exports gradually resumed following disruptions linked to the recent conflict in the Middle East.
Brent crude traded near $72 a barrel on Friday, down from highs above $120 during the recent regional conflict. Oil prices have eased as concerns over supply disruptions have receded and exports through the Strait of Hormuz have gradually resumed.
OPEC+ also faces internal challenges, including Iraq’s calls for higher production baselines and the United Arab Emirates’ decision to withdraw from the alliance’s production quota system.
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