Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548,000 barrels per day. Analysts had expected the alliance to decide on another output increase of 411,000 bpd -- the same target approved for May, June and July.
Chilas breaks 28-year heat record as temperature hits 49°CSaudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548,000 barrels per day.
Analysts had expected the alliance to decide on another output increase of 411,000 bpd -- the same target approved for May, June and July. The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply. The wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries and its allies -- began output cuts in 2022 in a bid to prop up prices. But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting.China's embassy in Fiji has insisted Beijing is not seeking a military base in the South Pacific, saying aid pledged to developing island nations ...Posted 09:41 PM, 5 Jul, 2025
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