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International Business Times
International Business Times
Business

OPEC+ Agrees To Boost Oil Output. It May Not Reflect In Market Soon.

OPEC Oil Gulf United States Russia Iran Kazakhstan Hormuz
Close up image of a smartphone displaying an oil symbol in front of financial market charts illustrating the rise in global oil prices linked to tensions between Iran and the United States. (Credit: Imen Ben Youssef / Hans Lucas / AFP via Getty Images)

Oil production quota will increase from September amid the supply disruptions spurred by the Middle East and the Russia-Ukraine conflicts.

The OPEC+ on Sunday agreed to increase the output to around 188,000 barrels per day, according to a Reuters report.

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