OPEC+ to make small oil output quota hike for July

Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, according to an OPEC statement after Sunday’s meeting. The move is a modest supply increase that could weigh on crude prices at the margin, but it is not large enough on its own to imply a major market disruption.

Analysis

Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, according to an OPEC statement after Sunday’s meeting. The move is a modest supply increase that could weigh on crude prices at the margin, but it is not large enough on its own to imply a major market disruption.