OPEC+ increases cap on oil production again

As analysts point out, raising the cap does not automatically mean more oil will enter the global market. Large producers such as Saudi Arabia have not reached the maximum amount allocated to them in recent months. This is primarily due to the partial blockade of the important sea route, the Strait of Hormuz, through which a large portion of Saudi oil would have to be transported.

Oil price has risen sharply since February

The OPEC, based in Vienna, coordinates the oil production quotas of its members in order to control the price on the world market. The price of a barrel of Brent crude has risen by around 26 percent since the first attacks by the USA and Israel on Iran at the end of February. It is currently around 88 dollars (77 euros). Among other things, Iran responded to the attacks by blocking the important sea route.

The core group of OPEC+ includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group wants to discuss its further funding policy on September 6th.