OPEC+ Raises Oil Output Targets for August

Seven members of the Organization of the Petroleum Exporting Countries and other oil-producing countries, or OPEC+, agreed to raise August oil output targets by 188,000 barrels per day. Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman, in their virtual meeting on Sunday, said the move will enable the participating countries to accelerate their compensation, according to a same-day release. The seven producers will again meet on Aug. 2 to assess market conditions and compensation.