2024-08-01 12:00:01
OPEC+ countries will increase oil production in August even more than expected, according to Bloomberg.
Eight key member countries of the alliance have agreed to boost production by 548,000 barrels per day. Over the past three months, the group has been increasing production by 411,000 barrels each month, and traders were expecting the same level of growth in August.
“Since OPEC+ has shifted from a price protection strategy to maintaining market share, keeping the nominal voluntary production cuts no longer makes sense. It may be more appropriate to finish the process faster and move on,” said Harry Tchilinguirian, head of the analysis division at Onyx Capital Group.
Eight key member countries of the alliance have agreed to boost production by 548,000 barrels per day. Over the past three months, the group has been increasing production by 411,000 barrels each month, and traders were expecting the same level of growth in August.
“Since OPEC+ has shifted from a price protection strategy to maintaining market share, keeping the nominal voluntary production cuts no longer makes sense. It may be more appropriate to finish the process faster and move on,” said Harry Tchilinguirian, head of the analysis division at Onyx Capital Group.