THANKS, FELLAS: OPEC+ companies slightly boosting production as oil prices slide.

Seven OPEC+ nations have said they will increase their production goals by 188,000 barrels per day. The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Multiple nations in the Middle East have had their oil production throttled by the war in Iran, which closed the Strait of Hormuz, a key oil shipping lane in the region.

A temporary agreement between Iran and the Trump administration reopened the strait, meaning more oil should be able to flow and reach the market, sending prices downward.

Stay tuned…