OPEC+ Reportedly Reaches Preliminary Agreement for Minor Oil Output Increase

Deep News07-05 16:20

Representatives from the OPEC+ alliance have indicated that a preliminary agreement has been reached to once again slightly increase the group's oil production quotas for August. Furthermore, if the US-Iran peace agreement remains in effect, additional oil supply could eventually re-enter the market.

According to the delegates, should the agreement be approved during a scheduled video conference on Sunday, the seven major oil-producing nations led by Saudi Arabia and Russia will increase their daily production target by 188,000 barrels. This increment would bring the cumulative increase in daily production quotas since the onset of the war to 940,000 barrels, an amount equivalent to nearly 1% of global demand.

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