OPEC+ Discusses 411,000-Barrel Hike in August, Delegates Say

By Salma El Wardany, Grant Smith, and Fiona MacDonald

OPEC+ has begun discussing another 411,000 barrel-a-day production increase for August ahead of the group’s video-conference 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 Sunday’s 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 Saturday due to scheduling issues, several delegates added.

— With assistance from Ben Bartenstein

Share This:

---

More News Articles