In a surprising move, OPEC+ has decided to increase oil production by 137,000 bpd starting October, despite expectations of declining global demand. This strategic shift raises questions about market stability and pricing as winter approaches.
Oil prices saw a significant rebound after OPEC+ announced a production increase of 411,000 barrels per day for July, easing concerns of a larger hike. Analysts weigh in on market reactions and future expectations.
OPEC+ is set to accelerate its oil output hikes and may unwind 2.2 million barrels per day of cuts by October if compliance doesn't improve among members. This move follows a surprising agreement in April designed to penalize non-compliant nations.
