Eight OPEC+ Countries Expected Approve 411,000 bpd August Increase

OPEC+ is expected to approve an additional oil production increase of approximately 411,000 barrels per day for August during a virtual meeting moved up to July 5. This would mark the fourth consecutive month of similar-sized hikes, aimed at regaining global market share amid growing supplies from other producers like the United States. While these accelerated output increases have pressured crude prices, currently around $69 per barrel, they reflect OPEC+'s strategy to revive halted output despite concerns about swelling global oil surplus. The group includes major producers such as Saudi Arabia, Russia, and the UAE, with some members like Kazakhstan exceeding production targets, contributing to the supply expansion. Meanwhile, the U.S. has imposed new sanctions on Iranian oil tankers and companies to curb Iran's crude exports, adding another layer of complexity to the oil market. Additionally, OPEC will hold its 9th International Seminar in Vienna on July 9-10, focusing on energy cooperation, market stability, and the future of global energy amid ongoing transitions.