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.