An oil tanker supplied with oil at the main oil port in Bijaya City, Algeria, in a file photo. FAYEZ NURELDINE/AFP via Getty Images
The OPEC+ group of oil-producing countries said on July 5 that it would increase oil production by 548,000 barrels per day (bpd) in August.
This would be an additional acceleration in output increases at the group’s first meeting since oil prices climbed, and then dropped, after Israel and the United States struck Iran’s nuclear facilities last month.
