OPEC+ Plans Another Output Hike. The Market Barely Notices.

AI Summary

OPEC+ plans to increase oil production quotas further in August amid ongoing geopolitical tensions following U.S. and Israeli strikes on Iran. The UAE is already exporting record crude volumes after exiting OPEC, while member countries including Saudi Arabia, Russia, and Iraq lead the output adjustments.

The seven-member group of OPEC+ oil producers that has been restraining production since 2023 is set to extend a series of output quota hikes they launched after the U.S. and Israeli strikes on Iran that set off the latest war in the Middle East. Yet the UAE is already shipping record volumes of crude abroad, right after it quit OPEC. According to unnamed sources who spoke to Reuters, the OPEC seven, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will likely decide to boost their production quotas for August by another…