OPEC+ agrees on raising output targets, starting in August

Dhwani Mehta FXStreet

The Organization of Petroleum Exporting Countries and its allies (OPEC+), including Russia, agreed to raise their output targets by 188,000 barrels a day starting in August.

This is in addition to the similar increases made for June and July.

“With the August increase now decided, they will have fully unwound the 2023 cut if they make one more hike of around the same size for September at their next meeting on August 2,” per Reuters.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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