The OPEC+ alliance has decided to raise oil production once again, announcing a modest increase in output for August as global crude prices continue to decline following the easing of tensions in the Middle East. The move marks the fifth straight monthly production hike by the oil-producing bloc. The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, said on Sunday that seven member countries would jointly increase production by 188,000 barrels per day next month.
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