OPEC+ Agrees to Raise Output Targets by 188,000 bpd Starting in August
OPEC+ has agreed to increase its oil output targets by 188,000 barrels per day beginning in August, signaling a gradual easing of production cuts.
USOIL
The Organization of the Petroleum Exporting Countries and its allies (OPEC+), including Russia, have reached an agreement to raise their collective output targets by 188,000 barrels per day starting in August.
The decision marks a modest increase in supply as the group continues to balance market conditions. The adjustment comes amid ongoing demand recovery and efforts to stabilize global oil prices.
No further details on the duration or subsequent phases of the output hike were provided in the initial announcement.
Source: FXStreet Forex News