OPEC+ will push for more output in August

We expect OPEC+ will endorse another larger than planned production increase for August when it meets July 6. The V-8 countries, those within OPEC+ that had been providing additional voluntary cuts, have agreed to increase output by 411k b/d each month from May to July and conditions in the oil market now are essentially unchanged from when those decisions were made, the escalation of geopolitical anxiety in the second half of June notwithstanding.

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