OPEC+ to raise oil production cap by 188,000 bpd in August

VIENNA, July — OPEC+ countries agreed on Sunday to raise the oil production cap in August by 188,000 barrels per day (bpd) from July levels, according to a statement published after a virtual meeting of OPEC+.

The decision was announced following the meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed global market conditions and outlook.