The Organization of the Petroleum Exporting Countries and its allies announced Saturday they will increase oil production by a larger-than-expected amount in August, as part of a continuing effort to reclaim market share by lowering prices.
Oil prices fall as OPEC ramps up production; U.S. stock futures decline as tariffs to go into effect Aug. 1 MarketWatchOPEC members agree to larger-than-expected oil production hike in August CNBCOPEC's New Supply Shock Locks In Oil Market's Return to Surplus BloombergOPEC Plus Agrees to Pump More Oil in August The New York Times
