OPEC+ countries agree to expand monthly oil production modestly...

OPEC+ countries agree to expand monthly oil production modestly as fuel prices fall to pre-conflict levels, according to an AP report from New York. The producers’ alliance announced on Sunday that seven members will raise output by a combined 188,000 barrels per day in August, marking the fifth straight month of increases. The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group said it will continue monitoring market conditions and urged a cautious approach to support stability. The decision follows oil price declines tied to expectations around an interim U.S.-Iran deal, which allowed unimpeded ship traffic through the Strait of Hormuz, though activity remains below pre-war levels. Despite continued price weakness, negotiations for a final agreement are ongoing. Brent crude closed Friday below $72 per barrel, near levels before U.S. and Israel strikes in late February, while analysts at S&P Global Energy do not expect full Gulf production recovery until at least the first quarter of 2027.