The OPEC+ group of oil-producing nations on Saturday agreed to boost their collective crude production capacity by 548K barrels per day for August, extending four consecutive daily increases over the past four months.

Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective oil production by 548,000 barrels per day in August. The decision to further accelerate oil output hike was taken during a virtual meeting of the eight member countries,