OPEC+ Alliance Lifts Production
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low oil inventoriesCNBC
•Business
Business & Economics
OPEC+ members agree larger-than-expected oil production hike in August

78% Informative
Eight oil-producing nations of the OPEC+ alliance agreed to lift their collective crude production by 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 .
The eight producers have been implementing two sets of voluntary production cuts outside of the broader OPEC+ coalition's formal policy.
Oil prices briefly boosted in recent weeks by the seasonal summer spike in demand and the 12-day war between Israel and Iran .
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