OPEC+ to Boost Oil Output by 188,000 Barrels Per Day in August

OPEC+, the oil producers' alliance led by Saudi Arabia and Russia, agreed Sunday to increase its oil production for the fifth straight month. Starting August 1, the group will add 188,000 barrels per day to the global market. The decision was made during a teleconference by energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The announcement came from the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. "The seven participating countries decided to implement a production adjustment of 188,000 barrels per day, coming from the additional voluntary reductions announced in April 2023," the OPEC statement said. The move aims to stabilize markets amid ongoing global economic uncertainty.