A handful of countries in the OPEC+ oil-producing alliance plan to modestly increase their output next month, bringing more oil online after fuel prices fell to levels not seen since before the US-Israeli war on Iran.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, announced that seven countries would expand oil production by a combined 188,000 barrels per day in August.
It is the fifth consecutive month that OPEC+ has agreed to raise oil output.
The countries participating in Sunday’s decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
