An OPEC-branded oil drum at the COP29 climate conference in Baku, Azerbaijan, in November 2024. (Andrey Rudakov/Bloomberg)
OPEC+ has begun discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.
Saudi Arabia and its partners have previously approved hikes of the same size for May, June and July as they speed up the revival of halted output in order to reclaim global market share. The extra barrels threaten to swell a global oil surplus and have added downward pressure to prices.
The Organization of the Petroleum Exporting Countries and its partners had already been focusing on a fourth 411,000-barrel hike as of last week, and the latest talks are closing in on that scenario as the July 6 online gathering approaches.
Crude futures are trading near $69 a barrel in London, offering relief for consumers and playing into repeated calls from President Donald Trump for cheaper fuel.
There are also talks to shift the virtual session to July 5 due to scheduling issues, several delegates added.
