Oil Drops as Flows in Hormuz Persist and OPEC+ Flags More Supply - Bloomberg.com

Oil Drops as Flows in Hormuz Persist and OPEC+ Flags More Supply  Bloomberg.com

OPEC Plus Pledges to Pump More Even as Oil Prices Fall

The cartel’s decision comes as U.S.-Iran talks to end the war have eased pressure on oil supplies, even as broader market and political volatility persists.

By Lisa Friedman

OPEC+ countries say they will expand monthly oil production

Seven OPEC+ members, including Saudi Arabia and Russia, to increase output by 188,000 barrels per day.

Oil slips after OPEC+ agrees to raise output targets

Oil fell on Monday after OPEC+ agreed to further increase output targets from August while exports from key producers via the Strait are recovering, potentially adding to global supplies.

OPEC+ raises output levels again despite tumbling crude prices

Major oil producers on Sunday agreed once again to modestly increase their crude production, although, as in previous months, the hike is largely symbolic until a peace deal between the U.S. and Iran sticks and the Strait of Hormuz is fully reopened to shipping traffic.

By Mike Murphy

OPEC+ raises oil output for fifth straight month as Hormuz recovers

Oil price today: Crude slips after OPEC+ announces raising output targets from August

By TOI BUSINESS DESK

Oil drifts down after Opec+ agrees to raise output targets

Oil prices inched lower on Monday after Opec+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 34 cents, or 0.47 per cent, to $71.78 a barrel by 0408 GMT after settling 0.45pc higher on Friday. US West Texas Intermediate crude was at $68.49 a barrel, down 20 cents, or 0.29pc. There was no settlement for WTI on Friday as US markets were closed ahea...

By none@none.com (Reuters)

Oil falls by more than 1% after OPEC+ agrees to raise output targets