Pakistan, July 6 -- OPEC+ has agreed to raise oil production by 548,000 barrels per day (bpd) in August, accelerating its output hike plan as global markets remain tight. The move follows recent geopolitical tensions and reflects efforts to stabilize fuel prices amid increased global demand.

This is the largest monthly hike so far this year, up from 411,000 bpd increases in May, June, and July. The decision comes after US President Donald Trump urged the group to ramp up production and help ease gasoline prices for consumers.

The production increase will come from eight major producers, including Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Oman, Kazakhstan, and Algeria. These nations began lifting earlier cuts of 2.2 million bpd in Apr...