Seven countries within the OPEC+ group are planning to increase oil production in August, Reuters reports.
They are expected to once again agree on raising oil output quotas by 188,000 barrels per day.
The same decision has been taken over the past two months by members of the group — Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — following the withdrawal of the United Arab Emirates from OPEC.
The next OPEC+ meeting is scheduled for July 5.
The seven OPEC+ countries are a group of oil-producing states that independently coordinate oil production volumes after the United Arab Emirates left the organization.
