US EditionOPEC+ agrees in principle another large oil output hike: Report
AUSTRIA, AUG 4 – Eight OPEC+ nations reversed a 2.2 million barrel per day cut from 2023 by increasing production 547,000 barrels per day in September to regain market share amid resilient prices.
- On Sunday, eight OPEC+ member nations agreed to raise their collective oil output by approximately half a million barrels daily starting in September to undo previous production cuts.
- The agreement follows phased output hikes since April and responds to strong global economic signals and low oil inventories.
- Analysts noted that oil prices remain near $70 per barrel despite increased supply, helped by tight stocks and stockpiling in China.
- Jorge Leon noted that OPEC+ has successfully undone its biggest production reduction without causing a sharp decline in prices, demonstrating the market's ability to handle increased output.
- The group plans to meet again on September 7 to consider reinstating about 1.65 million barrels per day in voluntary cuts amid geopolitical tensions.
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U.S. stock futures waver after Friday’s Wall Street selloff; oil falls as OPEC+ extends output boost
U.S. stock-market futures inched higher Sunday, after Wall Street ended last week with its worst session since April. Article Attribution | Read More at Article Source The post U.S. stock futures waver after Friday’s Wall Street selloff; oil falls as OPEC+ extends output boost appeared first on RocketNews.
OPEC+ will again significantly increase oil production, seeking to increase its market share.
Oil slips after OPEC+ agrees to hike output in September
By Florence Tan SINGAPORE (Reuters) -Oil prices slipped in early Asian trade on Monday after OPEC+ agreed to another large production hike in September. Brent crude futures fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday. OPEC+ agreed on Sunday to raise oil production by 547,000 barrels p…
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