OPEC+ hikes oil output targets by 188,000 barrels per day
OPEC+ agreed to raise oil output targets by 188,000 barrels per day in July.
The increase is the same size as June’s hike, which was adjusted down from the 206,000-barrel-per-day increases in April and May.
OPEC figures show output fell to 33.19 million barrels per day in April from 42.77 million in February, a dramatic collapse driven by export disruptions.
Crude shed ground to roughly $93 a barrel, with Brent at $93.09 and WTI at $90.54, both far above the $72 level before hostilities broke out.