OPEC+ agrees on modest oil production increase in September

At the same time, disruptions around the Strait of Hormuz continue to affect oil exports, which means the move can be seen as symbolic.

Saudi Arabia, Russia and five other leading members agreed on Sunday to raise joint production by 188,000 barrels per day in September.

The war in the Middle East has affected oil exports and thus production capacity in many of the countries around the Persian Gulf.

The symbolic increase for September means that the seven countries have now fully restored the production they had previously voluntarily reduced, as part of other OPEC+ cutbacks.

Iraq is among the member states that want to increase their oil production.