OPEC+ to follow prior plan of increasing output in August

• The group will increase monthly overall production to 648,000 barrels per day in August

The OPEC+ group on Thursday decided to increase the monthly output in August according to the prior plan, despite calls for pumping output up.

The Organization of the Petroleum Exporting Countries and other some other oil producing nations, or OPEC+, concluded in a videoconference meeting to increase monthly overall production to 648,000 barrels per day in August.

The group had decided in the beginning of the month to increase output by 648,000 barrels per day in both July and August.

OPEC+ said its next meeting would take place on August 3.

On Thursday, oil prices fell amid concerns about global supply tightness.

Picture Credits: Getty Images

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