OPEC+ Agrees to Big Output Hike as Focus Shifts to Its Next Move

OPEC+ will sharply hike production again in September to finish unwinding its latest tranche of supply cuts in a push for market share, but left a question mark hanging over its future options as global markets face a mounting surplus.

Saudi Arabia and its partners agreed on a video conference to add 547,000 barrels a day next month. This completes the accelerated reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased in by the United Arab Emirates.