Why the Oil Market Is Tight Despite Big OPEC+ Output Hikes

Why the oil market is tight despite big OPEC+ output hikes

Piling on production month after month might have been expected to lower oil prices, yet Brent crude futures have risen to around $68 a barrel from a 2025 low of $58 in April

Why the Oil Market is Tight Despite Big OPEC+ Output Hikes - Energy News, Top Headlines, Commentaries, Features & Events

OPEC+ oil producers have used high summer demand to launch their first output increases in three years, but those targets have proved difficult to hit, leaving the market surprisingly tight. On paper, the world’s largest group of oil-producing countries should be pumping an extra 2.5 million barrels of oil a day in September versus March, ...