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OPEC+ has “kind of broken down,” the lead analyst of an oil research firm said after oil prices rose despite the alliance announcing that it would increase supply more quickly.
OPEC and its allies decided to take nearly 10 million barrels off the oil market in 2020 when Covid first hit and demand evaporated.
The alliance on Thursday said it would increase production by 648,000 barrels per day in July and August to bring output cuts to an end earlier than previously agreed.
Both West Texas Intermediate crude futures and international benchmark Brent crude settled more than 1% higher after the news.
The problem is that countries in the OPEC+ alliance have not been meeting their targets,…
Source cnbc.com
