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Crude prices rallied today, with Brent oil zooming back towards $100 per barrel as OPEC+ said it would lean toward an oil output cut when and if Iranian production returns
Crude soared on Tuesday morning after OPEC+ leaked that it may decide to cut output once again if, and when Iran makes a full comeback to oil markets
OPEC+ members produced 2.9 million barrels per day (bpd) below their collective oil production target in July
In its latest monthly oil market report, OPEC sees an oil market surplus, suggesting that the cartel may once again be moving to take barrels off the market
OPEC’s total crude oil production rose by 216,000 barrels per day (bpd) in July compared to June, but combined production from the 10 OPEC members part of the OPEC+ pact continued to lag the targets in the agreement,