Pause in US-Iran escalation causes oil prices to slump to three-week low

Russia was the world's third-biggest crude oil producer behind the US and Saudi Arabia in 2025, according to US energy data, and is a member of the OPEC+ group of countries, which includes the Organisation of the Petroleum Exporting Countries (OPEC) and allies.

Export disruptions from the gulf, Russia and Kazakhstan, caused by the Iran and Ukraine wars, have meant successive monthly OPEC+ hikes over most of this year have not translated into extra oil on the market.

On Sunday, OPEC+ approved an oil production quota increase of around 188,000 barrels per day from September.

(Reporting by Scott DiSavino in New York and Shadia Nasralla in London; Additional reporting by Anushree Mukherjee in Bengaluru, Florence Tan and Sam Li. Editing by David Holmes, Mark Potter and Sharon Singleton)