Oil slips after OPEC+ raises production quotas
Oil prices slipped on July 6 after OPEC+ announced on July 6 that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth consecutive month OPEC+ members have agreed to raise output.
The countries increasing their output are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Uncertainty over supplies persists as talks with Iran aimed at fully reopening the Strait of Hormuz appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei , which will continue for several days.
In energy trading early on July 6, Brent crude, the international standard, lost 25 cents to $71.87 a barrel. U.S. benchmark crude lost 10 cents to $68.59 a barrel.
