OPEC+ Set to Approve New Production Hike Amid Geopolitical Risks

OPEC+ is set to meet on August 2 and discuss a potential increase in production by approximately 188,000 barrels per day, continuing its monthly incremental pattern since April.

The decision comes as Brent crude futures traded near their highest level in nearly two months at $101.97 per barrel, and are currently trading around $100.15 per barrel.

This increase would be a continuation of the 'phased unwinding' of the 1.65 million barrels per day production cuts agreed upon in 2023.