OPEC+ sticks to planned output hikes in August

Eren Sengezer FXStreet

Following its meeting on Thursday, OPEC+ announced on Thursday that it will stick to its plan of increasing oil output by 648,000 barrels per day (bpd) in August, as reported by Reuters. The group refrained from discussing the output strategy from September.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said that the next meeting is planned to take place early August.

Market reaction

Crude oil prices continued to fall following this development. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $105.90, losing 3.4% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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