Saudi Arabia pushing OPEC+ for a faster pace of oil production increases in coming months ...Middle East

In summary:

Saudis wants at least 411,000 barrels per day added in both August and possibly Septembermajor shift in Saudi strategy — moving away from price defence via output cuts to actively increasing supply, even at the cost of lower pricessome OPEC+ members like Russia, Algeria, and Oman wanted to pause the increasesSaudi Arabia sees high seasonal demand as justification to continue

The next OPEC+ meeting is scheduled for July 6, when output policy for August will be decided.

Brent up

This article was written by Eamonn Sheridan at www.forexlive.com.

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