OPEC+ Eyes Larger Oil Output Hike Amid Tensions
OPEC+ is set to discuss a potential increase in oil output for July, possibly exceeding the current 411,000 barrels per day. This comes amid tensions with Kazakhstan over production quotas, as the group navigates market dynamics to regain share and stabilize prices.
OPEC+, a coalition of oil-producing countries, is planning a meeting on Saturday to deliberate on an oil output increase for July. Sources indicate that the increase could surpass the 411,000 barrels per day agreed for May and June.
Leaders Saudi Arabia and Russia aim to penalize over-producing allies and reclaim market share. Kazakhstan's decision not to cut production has intensified discussions. Still, many see a 411,000 bpd increase as likely, though larger hikes are under consideration.
Despite recent price declines, OPEC+ pushes forward with plans that began in April to unwind 2.2 million bpd cuts. The coalition is balancing internal dynamics and global market pressures, as it includes both OPEC members and allies like Russia.
(With inputs from agencies.)
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