- OPEC ministerial meeting postponed until Friday as disagreements emerge on the plan to return output
- Saudi Arabia and Russia supported an output hike of 400 MBbl/d per month through December, though the plan met resistance from the UAE
- OPEC+ sources said the UAE wants to have baseline production set at 3.8 MMBbl/d versus the current 3.168 MMBbl/d number, thereby increasing its output quota, according to Reuters
- OPEC boosted output last month to match recovering demand (Bloomberg)
- The production increase was the largest in over a year, as total output rose by 855 MBbl/d to 26.47 MMBbl/d in June
- 12 of the 13 member countries increased output last month, with Saudi Arabia accounting for 490 MBbl/d of the increase