Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would further increase oil output in August to 548,000 barrels per day.
LONDON -
Jorge Leon of Rystad Energy told AFP that"OPEC+ keeps surprising the market — this latest hike was even larger than expected and sends a clear message, for anyone still in doubt: the group is firmly shifting toward a market share strategy. UBS analyst Giovanni Staunovo said that"effectively Kazakhstan and Iraq still overproducing their higher quotas is a factor supporting the cut unwind decision" on Saturday.
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