The Organization of Petroleum Exporting Countries and its allies (OPEC+), including Russia, agreed to raise their output targets by 188,000 barrels a day starting in August.
This is in addition to the similar increases made for June and July.
“With the August increase now decided, they will have fully unwound the 2023 cut if they make one more hike of around the same size for September at their next meeting on August 2,” per Reuters.
