Kathmandu: The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have decided to increase oil production for the month of July. Under the decision, member countries will be allowed to produce an additional 188,000 barrels of oil per day.
The decision was made during an online meeting attended by several countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to OPEC+, the move is aimed at maintaining stability in the global oil market and helping to control rising oil prices.
However, analysts say that merely announcing higher production is unlikely to have a significant impact. According to experts, the main challenge remains supply disruptions caused by ongoing tensions and conflicts in the Strait of Hormuz region, which continue to affect global oil flows.
