OPEC+ countries agree to modest oil production increase of 188,000 barrels per day in August

A handful of countries in the OPEC+ oil-producing alliance plan to increase their outputs modestly next month, which would bring more oil online after fuel prices have fallen to levels not seen since before the U.S. and Israel's war with Iran.

The Organization of the Petroleum Exporting Countries and its allies — collectively known as OPEC+ — announced on Sunday that seven countries would expand oil production by a combined total of 188,000 barrels per day in August.

It was the fifth consecutive month OPEC+ agreed to raise oil outputs.