OPEC+ Boosts Oil Production Amid Volatile Market Conditions
OPEC+ agrees to hike oil output, but warns of a slow recovery following recent attacks on production facilities. The increase is largely symbolic as some key members struggle to raise output.
OPEC+, the alliance of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, has agreed to increase crude oil output in an effort to stabilize global energy markets. However, the group has also warned of a slow recovery in production capacity after recent attacks on key infrastructure.
The decision to raise output comes amid ongoing geopolitical tensions and supply disruptions that have contributed to volatile oil prices. Several OPEC+ members, including Iran and Venezuela, are struggling to boost production due to the impact of U.S. sanctions and domestic economic challenges.
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In a statement, OPEC+ said it would increase production by 648,000 barrels per day (bpd) in July and August, a higher rate than previously planned. The group cited the need to
Source: Al Jazeera
