Oil Prices Rise Despite OPEC+ Output Hike Plans ...Middle East

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Oil Prices Rise Despite OPEC+ Output Hike Plans
source : OILPRICE ( Middle East ) () 35
Oil prices climbed on Monday morning despite expectations that OPEC+ will continue to boost production in the coming months. Morgan Stanley commodity analysts expect OPEC+ to make three new monthly boosts to its output, returning all 2.2 million bpd it agreed to remove from the market in 2022, by October. This will keep oil prices lower, the bank noted, writing that “With this latest announcement, there is little sign that the pace of quota increases is slowing down,” as quoted by Bloomberg. “Higher quota will likely create room…

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