OPEC+ Approves Fourth Consecutive Oil Output Increase for August 2026
OPEC+ approved a production increase of 188,000 barrels per day for August 2026 during its meeting on Sunday. This marks the fourth consecutive monthly hike in output targets as Gulf producers begin to recover and supply concerns ease. Despite the agreement, analysts suggest the increase may have limited impact. The ongoing U.S. war with Iran and the closure of the Strait of Hormuz continue to hinder several member nations' ability to actually pump the additional volume.
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