Months after escalating tensions in West Asia sent global crude oil prices soaring, the world’s biggest oil producers have decided to open the taps once again. The OPEC+ alliance, led by Saudi Arabia and Russia, has agreed to increase oil production by 1,88,000 barrels per day (bpd) from August. This move continues a gradual rollback of the steep production cuts implemented over the past two years and comes as crude prices retreat from their wartime highs, with shipping channels like the Strait of Hormuz largely returning to normal operational status.
