(Bloomberg) A panel of ministers of the oil cartel OPEC+ has reportedly recommended adding 648,000 barrels a day of oil in the market in July and August.
The intended boost is an increase from 432,000 barrels a day in recent months, although the talks are still ongoing.
The report comes when OPEC+ is under pressure to increase the size of oil-supply hikes amid growing energy prices and constrained Russian supply. Saudi Arabia is also said to be ready to add more oil to the market if Russia’s output declines following a wave of sanctions.
If OPEC+ increases the supply, it would be welcome to the markets which have been waiting anxiously for the cartel’s output decision. This comes after the EU announced plans to ban 90% of Russian oil by the end of the year.
The latest development comes even as talks continue regarding the exclusion of Russia from OPEC+. The group is said to consider excluding Russia on fears that the country cannot keep the supply level stable due to the sanctions.
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