OPEC+ considers raising oil output by 550,000 bpd in August, sources say
1. OPEC+ may raise oil output by 550,000 bpd in August. 2. This marks an increase from previous monthly increments of 411,000 bpd.
FAQ
Why Bearish?
Increased oil supply generally leads to lower oil prices. Similar past increases have negatively affected oil ETNs like BNO.
How important is it?
Raising oil production impacts supply dynamics, influencing BNO's performance directly.
Why Short Term?
The announced increase impacts immediate market perceptions and oil prices in the near term.