OPEC+ to Rollover Production Cuts

Oil

OPEC+ is expected to rollover its current production curbs with no output increases in August after the group failed to reach a unanimous agreement to extend output restrictions to the end of 2022, newswires reported. The United Arab Emirates had rejected the proposal for an extension from the current April 2022 unless its production baseline was revised higher to 3.84M b/d, from the current 3.17M b/d. Initial market expectations had been for OPEC+ to stagger production increases amounting to 2M b/d until December 2021.