OPEC+'s Strategic Shift: Boosting Oil Output Amid Global Tensions
OPEC+ is set to increase oil production at its upcoming meeting, reversing previous cuts to regain market share and in response to U.S. demands. The decision follows geopolitical tensions and an aim to counter growing supplies from other producers. Key members will determine output policy for August.
OPEC+ is poised to discuss an increase in oil output in their upcoming meeting on Saturday, aimed at recapturing market share after significant cuts since 2022. This marks the first meeting since oil prices reacted to Israeli and U.S. military actions against Iran.
The group has tentatively agreed to boost production by around 550,000 barrels per day in August. This marks an increase from recent months' increments, as leaders from Saudi Arabia, Russia, the UAE, and more collaborate to finalize policies.
The acceleration follows overproduction by some members, leading to internal tensions. With U.S. pressures and rising supplies from competitors, OPEC+ is navigating a complex landscape aiming to enhance its influence in the oil market.
(With inputs from agencies.)
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