NewzOil prices declined following U.S. President Donald Trump's decision to cancel a planned military attack on Iran in an effort to pursue a nuclear agreement. The development de-escalated geopolitical tensions in the Middle East that had previously threatened regional energy supplies.
Concurrently, the OPEC+ producer group announced on Sunday, August 2, that it had approved an oil production quota increase of approximately 188,000 barrels per day effective from September. This move completes the unwinding of a specific layer of voluntary output cuts previously implemented by the alliance.
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