OPEC+ to Raise Oil Production More Than Expected
OPEC+ will increase oil output by 548,000 bpd in August, surpassing the expected 411,000 bpd.
Key points:
— The group cites stable economic outlook and low inventories.
— This move accelerates the unwinding of the 2023 production cuts (2.2M bpd).
— Strategy appears to shift from price defense to market share, targeting US shale competition.
— Further hikes may be discussed at the next meeting on August 3.
— Despite plans, actual production may lag behind the announced increase.
