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OPEC Headlines Prompting Crude Rise

OIL

The OPEC+ increase that will possibly be discussed today will be an overall increase in the increment (currently at 432kbd) which will be divided by all the member states.

  • The increment could be in the range 500-700kbd, up from 432kb. Wires are reporting around 600kbd from OPEC+ sources.
  • Many OPEC+ members are unable to meet the current targets meaning if production quotas increase, compliance rates will likely increase too as countries struggle to increase their production.
  • Crude prices are making a recovery from this morning’s levels on OPEC production headlines.
  • Brent AUG 22 down -1.4% at 114.67$/bbl
  • WTI JUL 22 down -1.5% at 113.48$/bbl

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