The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to increase oil production by 548,000 barrels per day in August. This move aims to stabilize oil markets, which have been impacted by global economic uncertainty and supply chain disruptions. The decision is expected to put upward pressure on crude prices, potentially benefiting producers but posing a challenge for consumers.
Source: https://www.barrons.com/articles/opec-barrel-production-oil-markets-89a7a5aa