OPEC+ agrees to boost production by 648,000 bpd in August. Joint Ministerial Monitoring Committee meeting began at 13:00 Vienna time (7:30 a.m. ET) Full OPEC+ ministerial meeting was followed by the full OPEC+ meeting.

The OPEC+ group has signaled that it intends to stick together to provide support to the market, with consistent signals coming from the group over the past few months. The group will rubberstamp the quota increase that it had previously set for August of 648,000 bpd. This would free up some of its members that have spare capacity to boost production.

OPEC+ delegates say today's meeting will not include discussions about September’s production plans. Four OPEC+. delegates told Reuters, however, that today’S meeting would not include talks about September's production plans, as previously reported. The meeting is expected to last about two hours.

OPEC is set to hold its next meeting on August 3, which will determine September production plans. The group’s first in-person meeting since the pandemic is scheduled for the first week of December. Oil prices were slightly higher on Thursday minutes after the meeting, with Brent crude trading at $116.00.
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