Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August, potentially adding to global supplies. Brent crude futures slid 24 cents, or 0.33%, to $71.88 a barrel, while U.S. West Texas Intermediate crude was at $68.58 a barrel, down 11 cents, or 0.16%.
OPEC+ Output Increase
The Organization of the Petroleum Exporting Countries and their allies, including Russia, agreed on Sunday to further increase output targets by 188,000 barrels per day from August. However, the increase has remained largely on paper due to the U.S.-Israeli war with Iran, which closed the Strait of Hormuz to tanker traffic for key OPEC producers, capping their output.
According to a Reuters survey, OPEC oil output in June rose by 3.3 million barrels per day month-on-month to 19.43 million bpd, recovering from its lowest in more than two decades. Gulf oil exports in June jumped more than 3 million barrels from May to exceed 10 million barrels per day, although the volume remained 40% below pre-war levels.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
