Mumbai, July 6 -- OPEC+ has agreed to raise crude oil production by 188,000 barrels per day (bpd) in August 2026, extending its gradual unwinding of the voluntary production cuts introduced in 2023. The decision was reached during a virtual meeting of seven participating members-Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman-as the group assessed global oil market conditions and the demand outlook. The alliance emphasized that the production increase is part of its broader strategy to restore supply in a measured and cautious manner while safeguarding market stability. OPEC+ reiterated that the pace of the output restoration remains fully flexible and can be accelerated, paused or even reversed should market conditions det...