production increase

OPEC+ agreed to boost oil supply by 411,000 barrels per day in July, the third consecutive increase. This move, driven by market-share aspirations and designed to penalize over-producers, follows previous boosts in May and June. Concerns about potential oversupply and falling prices, driven by global economic slowdown and aggressive production by the alliance, persist, with some members voicing reservations. The added supply could benefit consumers, but risks lower prices for producers globally, potentially threatening US shale companies.