OPEC+ will raise oil production faster than earlier planned in August, with eight key alliance members agreeing to increase output by 548,000 barrels a day, delegates said on Saturday after a virtual meeting. This is higher than the 411,000-barrel hikes announced for May, June and July, which were already triple the initial plan. Traders had anticipated the same increase for August, making the latest move a further acceleration.
oil supply surplus
Crude Oil prices rising Mideast tensions offset demand concerns
Crude Oil prices were mixed in early Asia trade on Monday as concerns over weak Chinese demand were offset by rising tensions in the Middle East following the rebel overthrow of Syrian President Bashar al-Assad.