The Organization of the Petroleum Exporting Countries (OPEC) and its allies announced on Saturday that the organization agreed to to increase oil production by 548,000 barrels per day in August. “The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” OPEC+ countries stated in the announcement. The group of eight countries will meet on 3 August this year to discuss and decide on production levels September.