3 days ago
OPEC+ Agrees on Third Oil Supply Surge to Deepen Price Slump
OPEC+ agreed to surge oil output by 411,000 barrels a day for the third month in a row, doubling down on a historic policy shift that has sent crude prices sinking.
Key nations led by Saudi Arabia agreed during a video-conference on Saturday to add that amount to the market in July, according to delegates. The hike follows equally sized increases scheduled for May and June, which broke with years of efforts by the group to support global oil prices and dragged crude to a four-year low.
