Pakistan, July 5 -- OPEC+ has decided to increase oil production by 548,000 barrels per day (bpd) in August. The move comes after recent market disruptions caused by U.S. and Israeli attacks on Iran. This is OPEC+'s first meeting since those events and reflects a major shift in their strategy.

The group, which includes Saudi Arabia, Russia, and six others, had started reducing oil supply in 2022 to support prices. However, rising global demand and pressure from U.S. President Donald Trump to lower fuel prices have led them to increase output again. These eight countries had already begun easing previous cuts in April.

Compared to earlier months, this is a faster production hike. In May, June, and July, OPEC+ increased output by 411,000 ...