ICYMI - OPEC+ hiked output more than expected. What will they do next? ...Middle East

The news from the weekend from OPEC+ meeting, raising oil output more than expected:

OPEC+ to raise output by 548,000 bpd in August vs 411,000 bpd in July

In effect, the decision returns nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back in the market

actual output increase has been smaller than planned so farmost of the supply has been from Saudi Arabia

OPEC+ cited

steady global economic outlookhealthy market fundamentalslow oil inventories

as reasons for releasing more oil.

Analysts have responded with:

increased production represents a more aggressive competition for market shareOPEC+ showing some tolerance for the resulting decline in both prices and revenue

Oil prices fell just over 1% at the Globex open on Sunday evening US time

Goldman Sachs expects an slightly bigger boost at the next meeting, scheduled for August 3:

expect a final 550,000 bpd increase for September

Up

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

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