OPEC+ agrees in principle to another bumper supply increase

OPEC+ has agreed in principle on another bumper oil production increase for September, according to a delegate, completing the revival of a halted supply tranche as the group moves to reclaim global market share. The latest hike caps a dramatic shift from the Organization of the Petroleum Exporting Countries and its partners from defending prices to opening the taps. The decision comes against the backdrop of threats by Trump to target Russian oil exports by putting secondary tariffs on buyers of its supplies unless there is a swift ceasefire in the war in Ukraine.

Author: Grant Smith, Salma El Wardany, Fiona MacDonald, Nayla Razzouk, Bloomberg

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