OPEC+ to expand oil output in August

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  • OPEC+ to expand oil output in August

The world's major oil producing group OPEC Plus said it will further increase crude oil production in August. Eight OPEC Plus members, including Saudi Arabia and Russia, agreed during an online meeting on Saturday to raise output by 548,000 barrels per day next month.

In April, the eight countries began scaling back their voluntary output reductions of 2.2 million barrels per day. Since then, they have been gradually expanding crude oil production. The further increase in August is a jump from monthly increases of 411,000 barrels per day that OPEC Plus had approved for May, June and July. In June, the benchmark WTI futures index rose to the mid-78 dollars per barrel range following US attacks on Iran.

The index fell after a ceasefire agreement between Israel and Iran was announced.Recently, the WTI has stabilized at around 67 dollars per barrel. Analysts say the output increase planned by OPEC Plus could drive down crude oil prices.

mitv