OPEC to stick on a plan to accelerate oil output in August
OPEC, together with allied producing countries (including Russia) will probably stick to a plan for accelerated oil output increases in August, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East. During the meeting on June 2, OPEC+ agreed to boost output by 648,000 barrels per day in July – or 0.7% of global demand – and by the same amount in August, up from the initial plan to add 432,000 bpd a month over three months until September. The move followed months of pressure from the West to address global energy shortages worsened by Western sanctions on Russia over its invasion of Ukraine, and was welcomed by Washington. OPEC+ holds its next meeting on June 30, when it will most likely focus on August output policies.