Eight oil-producing nations of the OPEC+ alliance on Saturday agreed to lift their collective crude production by 548,00 barrels per day, as they continue briskly unwinding a set of voluntary supply cuts. This subset of the alliance — comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day. In a statement, the OPEC Secretariat attributed the countries’ decision to raise August daily output by 548,000 barrels to “a ... (full story)