Oil market: Surprises with 548,000 bpd output hike in August; what...

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Oil market: Surprises with 548,000 bpd output hike in August; what analysts said

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OPEC+ surprised markets by announcing a larger-than-expected oil production increase of 548,000 barrels per day for August, exceeding analysts' predictions. This decision, driven by a positive global economic outlook and low oil inventories, signals a shift towards a market share strategy.

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