The OPEC+ alliance agreed to raise oil production by 100,000 barrels per day (bpd) to offset the surge in prices after pressures from the United States, Reuters reported on August 3rd.
The increase is equivalent to just 0.1% of the global demand and is considered the smallest in 40 years.
By virtue of the increase, prices of Brent crude and West Texas Intermediate (WTI) declined by 3.32% and 3.58%, respectively, to stand at $97.2 and $91.4 per barrel, according to OilPrice.com.
Oil prices have been rising on the heels of the eruption of the Russian-Ukrainian war last February.
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