OPEC production increase: 188,000 bpd more from August, the fifth straight hike - pressure on the oil prices Nigeria, Angola and Libya depend on.
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Key Facts
—The decision: Seven OPEC+ producers agreed on July 5 to raise output by 188,000 barrels per day in August — the fifth straight monthly increase.
—Who moved: Saudi Arabia and Russia add 62,000 bpd each, Iraq 26,000, Kuwait 16,000, Kazakhstan 10,000, Algeria 6,000 and Oman 5,000, per the group’s statement.
—The unwinding: The hikes continue reversing the voluntary cuts announced in April 2023; the group meets again on August 2.
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