OPEC+ output rise expected amid supply rebound

Oil market participants are focusing on the upcoming OPEC+ coalition meeting scheduled for next Sunday, amid expectations of increasing production targets by approximately 188,000 barrels per day starting in August. This move follows similar increases in June and July. This decision comes despite oil prices retreating to pre-war levels, after concerns over supply eased due to the resumption of oil flows through the Strait of Hormuz, increased production from some non-member countries, and market stabilization measures such as strategic stock withdrawals. Additionally, prospects of increased supply are supported by Saudi Arabia and the United Arab Emirates resuming their quota hikes, amid ongoing discussions within the organization about the production quota system.

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