OPEC+ Likely to Raise Oil Output by 188,000 Barrels a Day for August
OPEC+ is expected to approve an increase in oil production quotas for August, raising its output target by 188,000 barrels per day, according to three sources familiar with the matter. The oil cartel and its allies, which includes Russia, are scheduled to vote on the adjustment during a meeting on Sunday.
The proposed hike would add to global supply at a time when crude prices have been pressured by easing geopolitical tensions and a gradual reopening of the Strait of Hormuz, a critical shipping chokepoint in the Middle East. The move reflects the group's ongoing efforts to align output with steady demand forecasts and recent market balance conditions.
From the sources (3 posts)
@deitaoneOPEC+ IS LIKELY TO RAISE OIL OUTPUT QUOTAS FOR AUGUST BY 188,000 BARRELS PER DAY AT SUNDAY MEETING, THREE SOURCES SAY #OOTT
@financialjuiceOPEC+ is likely to raise oil output quotas for august by 188,000 barrels per day at Sunday meeting - Three Sources.
@brecorder_comOPEC+ oil-producing countries will likely agree a further hike in their output targets from August when they meet on Sunday, three sources said on Wednesday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reo