OPEC+ increases oil production quota for August.

The seven countries of Organization of the Petroleum Exporting Countries and allies (OPEC+) OPEC+ agreed, in a virtual meeting held yesterday (5), to increase production of the energy commodity by 188,000 barrels per day (bpd) starting in August. This is the fifth consecutive monthly increase and the same volume increased in June and July. As described in a statement, the production increases continue to be adopted to reduce the impacts of the lack of energy flow through the Strait of Hormuz. Between April and July, the cartel increased quotas by almost 800,000 bpd. OPEC+ is made up of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The next meeting will be on August 2nd.

This text was translated by machine from Brazilian Portuguese.