The oil production cartel Opec+ is to raise output next month as Saudi Arabia, the group’s leader, seeks to regain market share.
Oil prices have remained resilient despite predictions of a supply glut.
Eight members of the Opec+ group of countries, including Saudi Arabia, Iraq and the United Arab Emirates, agreed this month to increase production by a combined 137,000 barrels a day, citing “a steady global economic outlook” and a “healthy” balance between supply and demand. Analysts have said that only Saudi Arabia and the UAE would be able to increase supply as most other members were already pumping at near capacity.
There’s been a slight rise in oil prices recently, trending up to $68 a barrel for Brent crude.
However with supply to increase analysts would expect more supply to lead to lower prices.
Although with China apparently stockpiling oil, the markets haven't quite moved as expected.
