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OPEC+ alliance agrees to production increase

Pressure on Saudi Arabia, Russia and other major oil producers has boosted production amid high prices.
MAZEN MAHDI/AFP via Getty Images

An alliance of major oil exporters announced a big increase in production today. 

The Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to boost production by 648,000 barrels a day for July and August. The so-called OPEC+ alliance has been increasing production by 432,000 barrels a day in previous recent months, according Bloomberg. 

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