Opec+ will increase production again next month as the Saudi Arabia-led oil cartel seeks to win back market share in a move that is likely to put downward pressure on crude prices.
Eight members of the producer group, including Saudi Arabia, the United Arab Emirates and Russia, said on Saturday that they would raise headline production in August by a combined 548,000 barrels a day, up from a planned increase in July of 411,000 b/d.
The move speeds up the unwinding of long-standing production cuts. Opec+ had been holding back supply since 2022 in attempt to prop up prices but reversed its policy in April.
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