OPEC+ Considers August Boost: A Potential Increase of 411,000 Barrels

Citing data from industry insiders, OPEC+ is contemplating a production boost of an additional 411,000 barrels per day starting in August.This discussion comes ahead of their upcoming video conference this weekend.

The coalition led by Saudi Arabia has already greenlit similar increases for May through July as they work to restore previously halted production and regain their foothold in the global market. Though, these extra barrels could exacerbate an existing oil surplus and further depress prices.

Last week’s focus was already on a potential fourth increase of the same magnitude as discussions ramp up with the July 6 online meeting on the horizon.

Currently, crude oil futures hover around $69 per barrel in London. This price point offers some relief for consumers and aligns with ongoing requests from President Donald Trump for lower fuel costs.

Additionally, there are considerations to move this virtual meeting to July 5 due to scheduling conflicts among delegates.

This article was crafted by Salma El Wardany, grant Smith and Fiona MacDonald

For more insights or updates listen to today’s briefing below or check out additional resources here:.