The oil cartel OPEC+, which includes the Organization of the Petroleum Exporting Countries and its allies, has agreed to increase its oil production by 548,000 barrels per day (bpd) in August. This decision is based on the expectation that the global economy will remain stable and that demand for oil will continue to rise. OPEC+ cited strong market fundamentals, such as low oil inventories, as reasons for the production increase.
