OPEC+ said to agree on a 100k output increase for September

  • A quick decision made during the ministerial meeting

OPEC+ meetings these days don't tend to last long. Today is another case in point with the bloc quickly agreeing to the 100k bpd increase in output starting from September. It is but a trivial gesture considering the pressure from the US, especially since only Saudi Arabia and UAE are the ones with any real spare capacity to pump more. However, considering overall compliance levels, this won't do much to change the status quo.

In effect, the decision by the bloc today is more symbolic than it is technically significant.

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