OPEC+ says to increase petrol production from August

Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August.

They decided to hike production to 548,000 barrels per day, a statement following a meeting in Vienna said. Analysts had expected the alliance to decide on another output increase of 411,000 barrels per day (bpd) — the same target approved for May, June and July. The wider OPEC+ group — comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies — began output cuts in 2022 in a bid to prop up prices.