Latest news with #supplyincrease
Bloomberg
3 days ago
- Business
- Bloomberg
OPEC+ Supply Hike of 411,000 Barrels a Day is Main Scenario
An OPEC+ supply increase of 411,000 barrels a day in July is the main scenario for talks on Saturday, delegates said. A larger production hike remains a possibility, one delegate said, asking not to be named because the information isn't public. A video conference between the Organization of the Petroleum Exporting Countries and its allies was scheduled to start at 11 a.m. Vienna time, delegates said.
Bloomberg
4 days ago
- Business
- Bloomberg
Oil Poised for Second Weekly Loss Ahead of OPEC+ Supply Decision
Oil was on track for a second weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. West Texas Intermediate was steady below $61 a barrel after dropping 1.5% on Thursday. Brent closed lower near $64. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, with preliminary talks last week discussing a third consecutive supply increase.
