OPEC+ Surprises With Oversized Output Hike

OPEC+ will ramp up oil production more aggressively than anticipated in August, accelerating the rollback of its 2023 voluntary supply cuts in a bid to capture market share amid peak summer demand. At a virtual meeting Saturday, eight core members led by Saudi Arabia agreed to add 548,000 barrels per day (bpd) to global supply—exceeding earlier expectations of a 411,000 bpd hike.

The move sets the bloc on track to fully unwind 2.2 million bpd of prior cuts nearly a year ahead of schedule. The decision reflects short-term bullish fundamentals:…