OPEC+ sticks to planned output hikes in August

Following its meeting on Thursday, OPEC+ announced on Thursday that it will stick to its plan of increasing oil output by 648,000 barrels per day (bpd) in August, as reported by Reuters. The group refrained from discussing the output strategy from September.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said that the next meeting is planned to take place early August.

Market reaction

Crude oil prices continued to fall following this development. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $105.90, losing 3.4% on a daily basis.

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