OPEC+ Decides To Boost Oil Output By 548,000 Bpd In Aug.

(MENAFN- Kuwait News Agency (KUNA)) ALGIERS, July 5 (KUNA) -- The OPEC+ decided on Saturday to increase production by 548,000 barrels per day (bpd) in August, according to the Algerian Ministry of Energy.
The decision was made at the wrapping-up of a ministerial videoconference that was attended by eight member states, which, since April 2023, have carried out voluntary changes in their oil output levels, the ministry said in a press release.
The energy and oil ministers of Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria were present at the meeting.
The meeting mainly revolved around the latest developments of the global oil market and short-term outlook, with the focus following on commitments to voluntary output cuts, it added.
The group of eight OPEC+ members will next meet on August 3. (end)
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