Opec+ has agreed to increase output by 648,000 barrels per day of oil in August, endorsing a plan the group announced earlier this month and defying calls to pump more barrels to cool red-hot crude prices.

Brent futures fell 2.6% to $114.90 a barrel, while US West Texas Intermediate crude were down 4.6% to $106.57 per barrel amid concerns about global supply tightness.

The decision to stick with a planned output increase takes place as US President Joe Biden intends to visit Saudi Arabia in July.

source : https://www.upstreamonline.com/