OPEC+ approves further oil output increase as Strait of Hormuz exports recover

The oil-producing group agreed to raise production quotas by 188,000 barrels per day starting in August, following similar increases in June and July. The incremental supply expansion is mildly bearish for crude prices and supports a cautious near-term energy stance.

Analysis

The oil-producing group agreed to raise production quotas by 188,000 barrels per day starting in August, following similar increases in June and July. The incremental supply expansion is mildly bearish for crude prices and supports a cautious near-term energy stance.