OPEC+ Likely to Raise Oil Production Again from August

Countries in the OPEC+ alliance are likely to approve a further increase in oil production targets starting in August at their meeting on Sunday, Reuters reported Wednesday, citing three sources.

Production targets are expected to rise by approximately 188,000 barrels per day, matching the increases seen in June and July, the sources said. The additional supply is expected to arrive as oil prices fall amid the gradual resumption of shipping through the Strait of Hormuz.

OPEC+ did not immediately respond to a request for comment.

(Reuters, bak)