Reported 26 days ago
OPEC+ has decided to increase oil production by 547,000 barrels per day starting in September, completing a reversal of previous supply cuts in a bid to reclaim market share. This decision comes as global oil markets face a potential surplus, with analysts warning of possible price declines as demand weakens. The group's strategy has shifted from price defense to increased supply amidst geopolitical pressures, including challenges posed by U.S. diplomacy towards Russia.
Source: YAHOO