OPEC+ is set to accelerate oil production increases in August, exceeding previous plans with a 548,000 barrel-per-day boost. This shift prioritizes market share over price control, surprising traders and raising concerns about a potential supply surplus. The decision comes amid fluctuating demand, geopolitical tensions, and economic challenges for key OPEC+ members and US shale producers.
Crude ouput: OPEC+ opens oil tap wider before planned August hike, raising fears of price fall
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