London, Wednesday, 3 August, 2022
After it was revealed that OPEC+ would only increase crude supply by 100,000 bpd for the following month, WTI crude futures reversed early losses to rise more than 1% to $96 per barrel.
While in Saudi Arabia last month, US President Joe Biden urged OPEC to enhance production, but due to capacity issues and some member states' failure to achieve output targets, it seemed unlikely that there would be a large increase in supplies.
In July, OPEC increased its daily oil production by 310,000 barrels, with only Saudi Arabia and the UAE reportedly having some remaining production capacity.
EIA data that will be made public later today should shed some light on how a downturn in the economy would affect demand.
(Source: Trading Economics // Edit by: The Decision Maker - Finance editors)