The world\u2019s largest group of oil producers, OPEC revealed Saturday another big increase of 411,000 barrels per day for July.<\/p>\n
Having spent years curbing production – more than 5 million barrels a day (bpd) or 5% of world demand – eight OPEC+ countries made an modest output increase in April before tripling it for May, June and now July.<\/p>\n
The eight countries held an online meeting on Saturday to set July production. They also discussed other options, an OPEC+ delegate said. On Friday, sources familiar with OPEC+ talks had said they could discuss an even larger hike.<\/p>\n
In a statement OPEC+ cited a “steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” as its reasoning for the July increase, Reuters reported.<\/p>\n
Algeria was among a small number of nations that requested a pause in the output hikes on Saturday, a source familiar with the matter said.<\/p>\n
Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as US President Donald Trump’s tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"
The world\u2019s largest group of oil producers, OPEC revealed Saturday another big increase of 411,000 barrels per day for July. Having spent years curbing production – more than 5 million barrels a day (bpd) or 5% of world demand – eight OPEC+ countries made an modest output increase in April before tripling it for May, …<\/p>\n","protected":false},"author":2,"featured_media":49586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-49585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic"],"_links":{"self":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/49585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/comments?post=49585"}],"version-history":[{"count":1,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/49585\/revisions"}],"predecessor-version":[{"id":49587,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/49585\/revisions\/49587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media\/49586"}],"wp:attachment":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media?parent=49585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/categories?post=49585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/tags?post=49585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}