CNBC·3 min read·medium
OPEC+ set to approve another oil output increase: Reuters
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Reuters
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OPEC+ has approved a production increase of 188,000 barrels per day starting in August to help stabilize global oil markets. The move comes as the industry recovers from supply disruptions caused by the U.S.-Israeli conflict with Iran.
OPEC+ has agreed to a further increase in output targets from August, the group said in a statement on Sunday, adding to global supply at a time when oil prices are falling amid the gradual reopening of the Strait of Hormuz for oil exports.
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