Overview

• The decision was approved in an August 3 virtual meeting of energy ministers from Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
• This marks the sixth straight monthly output boost since April, compressing an originally planned 18-month rollback into just six months.
• Brent crude prices tumbled nearly 4 percent on the announcement, closing last Friday at about $69.67 per barrel.
• OPEC+ cited steady global economic forecasts, low stockpiles and risks of U.S. sanctions on Russian oil as key drivers for the production rise.
• Ministers will reconvene on September 7 to reassess market conditions and consider any further adjustments to output.