US EditionOpec+ to boost oil output for third consecutive month
- On Saturday, OPEC+ announced a 411,000 barrels per day increase in oil production for July, marking the third consecutive monthly rise.
- This decision follows years of production cuts totaling 2.2 million barrels per day to support prices, amid ongoing concerns over members like Kazakhstan exceeding quotas.
- OPEC+ justified the output boost citing steady global economic outlook and low oil inventories, while analysts noted the move aims to regain market share and respond to rising seasonal demand.
- Brent crude fell 22 cents to $63.93 per barrel and U.S. West Texas Intermediate dropped 21 cents to $60.73, reflecting moderate market reaction despite fears of oversupply.
- The production increase suggests OPEC+ prioritizes market share over price, with analysts calling it a strategic geopolitical adjustment responding to U.S. Pressure and overproducing members.
105 Articles
105 Articles
Oil prices jump after OPEC+ agrees to another sharp production hike
The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower. Article Attribution | Read More at Article Source The post Oil prices jump after OPEC+ agrees to another sharp production hike appeared first on RocketNews.
OPEC+ oil producers stick to their guns with another big hike for July
The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers.
Daily Journal
OPEC+ announces sharp increase in July oil production
Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July.
Pump Prices May Drop: Oil Cartel Opens Tap Further
The alliance of oil-exporting countries OPEC+ is once again increasing oil production significantly in July. This will be the third month in a row that the cartel has increased production more than originally planned, which could cause oil prices to fall further. This could be beneficial for motorists when filling up their tanks.
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