Seven OPEC+ nations, including Saudi Arabia and Russia, are poised to increase oil production quotas for August, aiming to recover from disruptions caused by the Middle East war. Analysts predict a gradual return to normal output levels, though restarting shut-in production will take time.

OPEC+ is expected to approve another production quota increase for August as Gulf oil output gradually recovers following the reopening of the Strait of Hormuz.

Seven OPEC+ nations, including Saudi Arabia and Russia, are poised to increase oil production quotas for August, aiming to recover from disruptions caused by the Middle East war.…

OPEC+ has decided to raise its oil production targets once again, agreeing to increase output quotas by 188,000 barrels per day (bpd) from August as the group continues to unwind…