Middle East-based state-owned giants including Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) are expected to fast-track several offshore oilfield expansion schemes, as key Opec members near their production ceiling and the group remains unceasingly under pressure from Western nations to boost output.

The wider Opec+ grouping on Thursday agreed to a modest 100,000 barrels per day production increase from September, with the minimal production rise unlikely to tame global inflation and bring down high commodity prices.

At its latest meeting, Opec highlighted its concern that “insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023”.