Reported about 16 hours ago
OPEC+ is contemplating a faster increase in oil production than anticipated, following a recent virtual meeting. Delegates indicate that the group, led by Saudi Arabia, may boost output by over 500,000 barrels per day in August, aiming to recover 2.2 million barrels per day of previously halted production sooner than planned. This move is part of a strategy to regain market share from non-OPEC+ producers but risks exacerbating an oversupply in the market, with forecasts predicting a decrease in oil prices due to rising inventories and lower demand.
Source: YAHOO