OPEC+ Set to Decide on Oil Output Hike Amid Kazakhstan's Defiance
OPEC+ is poised to increase oil output by 411,000 barrels per day in July. The group's strategy aims to punish over-producers and regain market share, though Kazakhstan's production defiance could sway discussions toward a bigger hike. Prices, impacted by extra supply, fell to four-year lows.
In a crucial meeting on Saturday, OPEC+ oil-producing nations are expected to agree on a July output increase of 411,000 barrels per day. The move is part of a broader strategy to regain market share and penalize members exceeding output limits.
Ahead of the meeting, sources hinted that a larger increase might be on the table, especially in light of Kazakhstan's refusal to adhere to production cuts. The country's stance has sparked internal debates within the coalition, which comprises members and allies such as Russia.
OPEC+ leaders, including Saudi Arabia and Russia, have faced challenges in stabilizing the market. Oil prices dipped to a four-year low in April and remain under pressure due to heightened supply and global economic concerns.
(With inputs from agencies.)
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