The Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ on Sunday agreed to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain global market share.
This was as concerns mounted over potential supply disruptions linked to Russia.
The move marked a full and early reversal of OPEC+’s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4 per cent of world demand.
Eight OPEC+ members held a brief virtual meeting, amid increasing US 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, a Reuters report said.
