Some OPEC+ Countries Agree to Increase Oil Production

Several oil-exporting countries that are members of the OPEC+ alliance agreed to boost oil production on Aug. 3.

Meeting virtually, eight countries opted to increase their oil production by 547,000 barrels per day starting in September, citing low oil inventories and a steady global economic outlook. Those countries include Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.