OPEC+ raises production quotas for July

OPEC+ ministers decided Sunday to increase oil quotas by a total 188,000 barrels per day for July. in a move analysts said would be unlikely to have an impact on prices sent higher by the Mideast war.

Jorge Leon. analyst at Rystad Energy, said ahead of the expected increase that it "means very little while the Strait of Hormuz remains closed".

He added: "The market is not short of quota announcements; it is short of physical barrels that can actually move. In that sense. the 188,000 barrels per day increase would be more of a policy signal than a real supply boost."

The hiked production output was agreed Sunday in a video meeting of oil ministers from key OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria. Oman, a statement from the organisation said.

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see ourComments FAQ