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Output increases from oil producer group OPEC+ are not leading to higher inventories, showing that markets are thirsty for more oil, ministers and executives from OPEC nations and bosses of Western oil majors said on Wednesday.

The Organization of Petroleum Exporting Countries (OPEC) continues to boost oil production, with more than 500,000 additional barrels per day set to hit global markets in August, in a bid to regain market share lost to other oil producers,

Helima Croft, RBC Capital Markets global head of commodity strategy, joins CNBC's 'Power Lunch' to share takeaways from OPEC's seminar in Vienna, Austria.

Two questions stand out after the decision by OPEC+ to accelerate increases in crude oil output: who is going to buy the extra crude, and will the group actually export the additional barrels they say they are going to produce?

Ministers and executives from OPEC nations, along with bosses of Western oil majors, stated on Wednesday that increased output from the cartel is not resulting in higher inventories.

War can lead to ‘complications on energy producers’ and hardships on national economies, Iran’s oil minister warned on Wednesday.

The prestigious seminar, hosted at OPEC’s headquarters in Vienna, drew global leaders, energy policymakers, and industry experts for in-depth discussions on the future of oil markets.

OPEC+ jolted markets by announcing it would flood the market with more oil.

The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.

Wale Tinubu has been invited to join an exclusive high-level roundtable session at the prestigious OPEC International