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Market Chatter: OPEC+ to Reportedly Raise Crude Output Quotas in August

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The members of the Organization of the Petroleum Exporting Countries and other oil-producing countries, or OPEC+, will reportedly increase the crude oil output quotas at its meeting on Sunday, Bloomberg News reported the same day, citing group delegates.

The sources said that the group is said to be hiking the targets by 188,000 barrels per day. The plan is reportedly in line with OPEC+'s plan to overturn its previous output curbs, which were implemented a few years ago.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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