Skip to content

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
Exclusive: Inside Look At The Saudi Aramco Oil Company

Photographer: Simon Dawson/Bloomberg

Updated on

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.