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.Hence then, the article about weekend opec hikes oil output supply for third straight month by 4 11 000 bpd was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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