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 JulyIn effect, the decision returns nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back in the market
OPEC+ cited
steady global economic outlookhealthy market fundamentalslow oil inventoriesas 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 revenueThe price response:
Oil prices fell just over 1% at the Globex open on Sunday evening US timeGoldman Sachs expects an slightly bigger boost at the next meeting, scheduled for August 3:
expect a final 550,000 bpd increase for SeptemberUp
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about icymi opec hiked output more than expected what will they do next 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.
Read More Details
Finally We wish PressBee provided you with enough information of ( ICYMI - OPEC+ hiked output more than expected. What will they do next? )
Also on site :
- Salt Typhoon is hacking the world’s phone and internet giants. Here’s everywhere that’s been hit.
- Family of tragic Staffordshire youngster killed in crash on Lichfield A-road pay tribute to their 'beautiful young boy'
- Horoscopes March 9, 2026: Bow Wow, be open to new ideas