OPEC+ countries say they will expand monthly oil production

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OPEC+ said on Sunday that seven member countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – would raise output by 188,000 barrels per day from August after officials held a virtual meeting to “review global market conditions and outlook”. The production boost is the fifth consecutive increase announced by the seven OPEC+ members in as many months, continuing a gradual unwinding of production cuts announced in 2023. OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers – including Russia, Bahrain and Oman – cut output in April 2023, and again in November 2023, amid a string of bank collapses that triggered a major sell-off in oil and other commodities. “The countries will continue to closely monitor and assess market conditions,” the intergovernmental organisation said in a statement, adding that officials had “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments”. The seven member countries added that they would meet again on August 2 to review the situation. After briefly topping $126 a barrel in April, Brent crude oil prices have fallen back to pre-war levels in recent days amid growing hopes for a permanent end to the Iran conflict and a return to normal shipping in the Strait of Hormuz. Traffic in the strait has ticked up since US President Donald Trump and Iranian President Masoud Pezeshkian signed their memorandum of understanding on ending the war on June 17, though it remains far below pre-conflict levels. There were 38 confirmed transits in the strait on July 2, down from 48 on July 1, according to the vessel tracking platform MarineTraffic, compared with roughly 130 daily crossings before the war. Brent crude futures for September delivery stood at $72 as of 02:01 GMT on Monday, below Brent’s settlement price of $72.48 on February 27, the day before US and Israel launched strikes on Iran, starting the war. Iran’s effective closure of the Strait of Hormuz, which carried about one-fifth of global oil and liquefied natural gas supplies before the start of the war, forced OPEC+ members to slash production as a growing backlog of unshipped barrels maxed out the region’s crude storage capacity. Total OPEC+ production dropped to 33.13 million bpd in May, down from 42.77 million bpd in February, according to OPEC figures. Fabien Yip, a market analyst at IG in Sydney, Australia, described OPEC+’s latest production increases as largely being a “paper formality” in light of the real-world conditions affecting supply. “Actual barrels have been constrained for months by the Strait of Hormuz blockade, falling well short of the quota,” Yip told Al Jazeera. “That constraint is now easing, driving prices down. “Saudi Arabia has more than doubled the shipping volume since June 17 than the prior three months combined, and Iran has pushed close to 50 million barrels of its crude to market since the naval blockade lifted,” Yip added, referring to the US naval blockade of Iranian ports. “Add OPEC+’s incremental barrels to that backlog clearing, alongside softer Chinese demand and higher US and Russian exports, and the setup is a near-term oversupply. Oil futures’ retreat to pre-war levels reflects that.” Advertisement AboutAboutShow moreAbout UsCode of EthicsTerms and ConditionsEU/EEA Regulatory NoticePrivacy PolicyCookie PolicyCookie PreferencesAccessibility StatementSitemapWork for usConnectConnectShow moreContact UsUser Accounts HelpAdvertise with usStay ConnectedNewslettersChannel FinderTV SchedulePodcastsSubmit a TipPaid Partner ContentOur ChannelsOur ChannelsShow moreAl Jazeera ArabicAl Jazeera EnglishAl Jazeera Investigative UnitAl Jazeera MubasherAl Jazeera DocumentaryAl Jazeera BalkansAJ+Our NetworkOur NetworkShow moreAl Jazeera Centre for StudiesAl Jazeera Media InstituteLearn ArabicAl Jazeera Centre for Public Liberties & Human RightsAl Jazeera ForumAl Jazeera Hotel PartnersFollow Al Jazeera English: