OPEC+ has agreed to raise oil production by 411,000 barrels per day in July, matching the increases already set for May and June. The decision marks a continuation of the group’s recent strategy shift aimed at reclaiming market share and pressuring members who have been exceeding their output quotas.
According to Reuters, eight members are now rolling back a total of 2.2 million barrels per day in voluntary cuts made on top of existing reductions.
While Saturday’s agreement, led by Saudi Arabia during a video meeting, reflects a break from OPEC+’s long-standing efforts to prop up oil prices, oil has opened higher, Brent back circa USD64.
Its still not too far above a four-year low.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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