Seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — have agreed to increase oil production by a combined 188,000 barrels per day from August 2026 as part of the gradual rollback of voluntary production cuts announced in 2023.

The decision, taken during a virtual OPEC+ meeting, aims to support global oil market stability while responding to evolving market conditions. Watch the full report for the latest developments in global energy markets and their potential impact on oil prices and the world economy.

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