OPEC+ sticks with planned oil production hike, supply concerns linger


OPEC+ has been slowly returning the nearly 10 million barrels per day it agreed to pull from the market in April 2020.

Mazen Mahdi | Afp | Getty Images

A group of some of the world’s most powerful oil producers on Thursday agreed to stick to a planned output increase in August, defying calls to pump more barrels to cool red-hot crude prices.

OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, concluded a meeting via videoconference by deciding to stay the course with its production policy.

It means the Middle East-dominated group will increase monthly overall production for the month of August to 648,000 barrels per day.

OPEC+ said its next meeting would take place on Aug….


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