OPEC+ Agrees 188,000 bpd Output Hike for July
OPEC+ has agreed to a production increase of 188,000 barrels per day in July, the fourth consecutive monthly quota hike, despite ongoing disruptions to a key oil shipping strait.
USOIL
OPEC+ member countries have agreed to boost crude oil production by 188,000 barrels per day (bpd) in July, marking the fourth consecutive monthly quota increase.
The decision comes despite the continued closure of a major strait critical for oil tanker traffic, as noted in the announcement.
The supply increase is expected to add to global oil inventories amid ongoing demand concerns.
Source: FXStreet Forex News