WS #11480
OPEC+ agrees to raise output by 188,000 bpd from August, fifth consecutive increase, as Hormuz traffic recovers and Brent falls near $72; TotalEnergies CEO says Gulf producers discounting crude to clear stockpiles, market needs 3-4 months to rebalance. Iran offers special Hormuz fee terms to China, adding uncertainty to strait reopening; cargo ship attacked in Red Sea near Yemen, no claim of responsibility, but raises shipping risk.
OPEC+ Output Hike and Oil Market Dynamics
OPEC+ agrees to raise output by 188,000 bpd from August, fifth consecutive increase, as Hormuz traffic recovers and Brent falls near $72; TotalEnergies CEO says Gulf producers discounting crude to clear stockpiles, market needs 3-4 months to rebalance.
Iran offers special Hormuz fee terms to China, adding uncertainty to strait reopening; cargo ship attacked in Red Sea near Yemen, no claim of responsibility, but raises shipping risk.