OPEC+ set to approve another oil output increase of 188,000 barrels a day from August
OPEC+ has agreed in principle to raise output quotas by 188,000 barrels per day from August, two sources told Reuters. The move continues the group's gradual unwinding of earlier supply curbs and could weigh on global crude prices.
OPEC+, the group of oil-exporting countries and their allies, has agreed in principle to raise production quotas by 188,000 barrels per day from August, two sources told Reuters.
The move continues the group's gradual unwinding of the supply curbs it put in place in earlier periods. Adding barrels back to the market strengthens supply and could weigh on global crude prices, depending on how demand holds up.
The increase is expected to receive final sign-off at the group's meeting. Analysts are watching how the extra output will balance against the demand outlook and geopolitical developments across major producing regions.
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