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Horizon Energy Digest
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OPEC+ Decides to Boost Production Further in August
A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided, in a virtual meeting held that day, to increase output by almost 190,000 barrels per day in August.
Oil falls after OPEC+ agrees to raise output targets
Oil prices fell on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 41 cents, or 0.57%, to $71.71 a barrel at 0942 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.32 a barrel, down 37 cents, or 0.54%.
Curious Minds Corner
What does EOR mean?
Enhanced oil recovery.