OPEC+ Will Boost Supply Even Faster With Larger August Hike

OPEC+ will increase oil production even more rapidly than expected next month, as the group led by Saudi Arabia seeks to capitalize on strong summer demand in its move to reclaim market share.

Eight key alliance members agreed to raise supply by 548,000 barrels a day at a video conference on Saturday, putting the group on pace to unwind its most recent layer of output cuts one year earlier than originally outlined. The countries had announced increases of 411,000 barrels for each of May, June and July — already three times faster than scheduled — and traders had expected the same amount for August.