OPEC+ focuses on increasing production by 411,000 barrels/day in August, exacerbating concerns about oversupply and putting downward pressure on oil prices.

Wisdom Finance APP has learned that, according to informed sources, OPEC+ has begun discussions on a plan to increase production by 411,000 barrels per day in August, with relevant negotiations starting before the weekend video conference. Saudi Arabia, the leading country of the OPEC organization, and its allies had previously approved a similar scale of production increases for May, June, and July, aiming to regain global market share by quickly restoring suspended production capacity. The additional supply may exacerbate the global oil surplus situation and further pressure oil prices downward.