OPEC+ Countries Announce Modest Oil Production Increase for August

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, announced Sunday a plan to increase oil production. Seven member countries will collectively add 188,000 barrels per day (bpd) to the global supply starting in August.

This decision marks a modest expansion of oil output from the participating nations. The announcement did not specify individual country contributions to the total increase.