OPEC+ Countries to Increase Oil Production by 188,000 Barrels Daily

Seven countries in the OPEC+ alliance, including Saudi Arabia and Russia, will increase oil production by a total of 188,000 barrels per day starting in August. This decision marks the fifth consecutive month of production hikes amid falling fuel prices, with Brent crude closing under $72 a barrel. The increase comes as market conditions shift following a recent interim deal between the U.S. and Iran. OPEC+ is committed to monitoring market stability, indicating ongoing caution regarding oil supply dynamics.