OPEC+ to Increase Daily Crude Oil Production by 188,000 Barrels from August

According to OPEC+, the cartel will increase daily crude oil production by 188,000 barrels starting in August, the organization announced on July 5. The decision was made by seven member countries—Saudi Arabia, Russia, Kazakhstan, Iraq, Kuwait, Oman, and Algeria—during a video conference. The production increase matches levels set for June and July, extending OPEC+'s five-month expansion that began in April, during which cumulative daily output rose by 940,000 barrels.
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