OPEC+ to increase oil production from September - The decision is expected to increase demand and lower global prices
OPEC+ countries agreed to increase oil production by 547,000 barrels per day from September, a move that could further lower prices this year.
The eight member countries held a virtual meeting ahead of the announcement, amid growing pressure from the United States on India to curb purchases of Russian oil.
In a statement after the meeting, they noted that "the gradual removal of additional production restrictions may be halted or reversed depending on evolving market conditions."
They cited strong economic conditions and low oil inventories as the main reasons that led to the increase in production.
The group had been limiting oil production for several years to support oil prices, but changed course earlier this year after calls from US President Donald Trump to increase production.
OPEC+ includes ten non-OPEC countries, such as Russia and Kazakhstan, in addition to its members. The main goal of both organizations is to manage global oil supply and stabilize prices.
Saudi Arabia has considerable influence in OPEC+ as the dominant member of the OPEC producer cartel, while Russia is the main non-OPEC member, part of the 22-nation alliance.
The decision comes amid growing US pressure to bring Moscow to the negotiating table and end its occupation of Ukraine.
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