OPEC+’s ministerial panel kept the group’s current oil output policy unchanged after a Saudi decision to extend its voluntary production cut into September boosted oil prices. The committee highlighted its intent to closely assess market conditions and urged members to maintain full compliance with output cut pledges. Oil prices surged more than 14% in July due to tighter supply and growing demand. Saudi Arabia extended its voluntary 1 million barrels per day output cut into September, which was matched by Russia cutting oil exports by 300,000 bpd.
- OPEC+ panel keeps policy unchanged against backdrop of stronger oil market