🛢️ OPEC+ members agree to larger-than-expected oil production hike in August

👉 An eight-nation subset of the oil-producing OPEC+ alliance agreed to lift production by a larger-than-expected 548,000 barrels per day in August.

👉 The group comprises heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates.

👉 These countries have been unwinding 2.2 million barrels per day of voluntary production cuts, which are separate from the wider OPEC+ strategy.

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