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OPEC+ raises August output by 188,000 bpd to ease global crude supply crunch

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OPEC+ has approved a production increase of 188,000 barrels per day for August as part of a gradual rollback of earlier output cuts. The move is aimed at improving global crude availability and relieving price pressure on oil-importing countries, including India. Global benchmark Brent crude has been trending toward pre-conflict price levels amid the supply adjustments. Domestic oil companies expect to soon reach break-even on petrol and diesel sales, though liquefied petroleum gas for cooking continues to be sold at a loss.

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