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8/3, 1:42 PM (Source: TeleTrader)
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OPEC+ agrees on 100,000 bpd oil output hike

The OPEC+ voted for an increase in crude output following the Joint Ministerial Monitoring Committee's recommendation on Wednesday the organization should increase its oil production by 100,000 barrels per day in September, making a trivial gesture to stabilize market prices amid urges from the Biden administration to do so.

Only Saudi Arabia and the United Arab Emirates have an actual spare capacity to push output, so the compliance for the majority of the OPEC+ members is expected to remain unchanged. Oil prices jumped more than 1% following OPEC's decision to hike oil output in the upcoming month.

Today's decision marks the smallest production hike in OPEC's history and comes following the visit by United States President Joe Biden to Saudi Arabia earlier in July. The next OPEC meeting will take place on September 5.

Baha Breaking News (BBN) / ND