OPEC+ has agreed to raise oil production by 547,000 barrels per day for September, marking the latest in a series of accelerated output hikes to regain market share. The move marks a full and early reversal of OPEC+’s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates. The eight countries held a brief virtual meeting amid increasing U.S. pressure on India to halt Russian oil purchases, part of Washington’s efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by August 8. OPEC+ cited a healthy economy and low stocks as reasons behind its decision. Oil prices have remained elevated even as OPEC+ has raised output.
OPEC+ continues to increase its oil output in a bid to increase market share.
