8/3, 11:37 AM (Source: TeleTrader)
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Kazakh govt says OPEC+ might have to step up output

Kazakh Energy Minister Bolat Akchulakov noted on Wednesday that the OPEC+ might have to increase its oil output to stabilize the market. "We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Akchulakov told reporters as OPEC+ countries gathered today for a new meeting.

However, markets weren't expecting the OPEC+ to raise crude production despite urges from the Biden administration to do so in order to counter soaring energy prices that have pushed inflation figures worldwide. Both Brent and WTI futures declined around 1% ahead of today's OPEC+ meeting.

Baha Breaking News (BBN) / ND