OPEC+ has announced it will raise crude oil production by 548,000 barrels per day in August, exceeding earlier plans. The group, which includes OPEC members and allies like Russia, cited a stabilizing global economy and declining oil inventories for the move. This follows earlier increases in May, June, and July. However, the news caused global oil prices to drop, with Brent and WTI falling by 0.7% and 0.75%, respectively, on Friday. Analysts attribute the price dip to anticipated market oversupply.
OPEC+ has decided to increase crude oil production in August beyond its previously planned levels. The total output will rise by 548,000 barrels per day, according to a decision made at a meeting held yesterday, as reported by Reuters.
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