OPEC+ Weighs Cautious Supply Hike as Market Begs for Barrels
- Most analysts expect a modest production increase in August
- Projected boost would only plug part of the looming deficit
Photographer: Simon Dawson/Bloomberg
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The global oil market is calling out for a substantial increase in supplies, but OPEC+ is expected to provide only a fraction of what consumers are demanding.
International crude prices have soared to a two-year high of more than $75 a barrel as demand bounces back from the pandemic slump. With talk swirling of a return to $100 oil and fears over inflation mounting, the International Energy Agency and major importers such as India are urging the Organization of Petroleum Exporting Countries and its partners to fill a supply shortfall.