- Oil rises despite supersized OPEC+ production hike
- The WTI prompt-month contract rose $0.16 to $67.16/Bbl Monday morning (7:45 AM CT)
- Over the weekend, OPEC+ decided on a larger-than-expected production hike of 548 MBbl/d for the month of August
- According to Goldman Sachs, OPEC+ is expected to agree to a similar production hike for September
- A similar increase would fully unwind all production cuts one year ahead of the originally planned schedule
- OPEC+ is taking advantage of a period of tightness in global energy markets according to analysts at Westpac Banking Corp.
- The global oil market was expected to be oversupplied by the end of 2025, even before OPEC+ accelerated unwind schedule
- Additional barrels from OPEC+ only add to a market that is already expected to be oversupplied
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