The next OPEC+ meeting is on August 3, and that’s when we’ll know if Biden’s trip to the Middle East has paid off.
Given these comments, I would assume some quota increases, but whether OPEC can meet them certainly depends on demand. More than the meeting, I’ll be looking for that compliance data for July.
The current plan is to increase OPEC+ production by another 648,000 bpd in August. This meeting will be for the September quotas.
WTI hit $100 earlier but gave back. It remains higher by $1.60 on the day. The biggest news for oil this week – for me – is that the US is signaling that it will not release SPR oil beyond October. This could cause a crisis in early 2023, but that will depend on how economies develop.
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