Reported about 15 hours ago
OPEC+ has announced a significant increase in oil production, escalating supply by 548,000 barrels per day starting in August, exceeding previous expectations. This decision aims to capitalize on strong summer demand and recover market share previously lost. Despite anticipated oversupply later this year, the group is shifting strategies to prioritize market share over price support, raising concerns about the impact on oil prices and the global economy.
Source: YAHOO