OPEC+ Oil Production Hike May Not Be as Steep as Feared

The OPEC+ group is not hiking oil production as much as the headline figures in the agreement suggest, as some members are close to capacity while others are compensating for previous overproduction. This could come as a relief to the market, which expects a major oversupply later this year and early next year. The OPEC+ members have so far delivered three-quarters of the increases that began in April 2025. The rise could drop to half of the volumes promised later this year, Reuters reported on Friday, ci ...