OPEC set to weight another supersized output hike in July

OPEC+ is meeting July 6 and I would have assumed the baseline in the market was for another large 411K output hike but oil dipped after Bloomberg reporting that OPEC is set to weigh another ‘super-sized’ oil output increase.

For me, this isn’t a surprise at all and it would be something of a shock if they don’t add 411K bpd. I’d assume the same next month while it’s the meeting after that where it could change, depending on oil prices/inventories.

This article was written by Adam Button at www.forexlive.com.