JMMC recommends 650K increase in OPEC+ production for July – report

Amena Bakr at Energy Intel reports that OPEC’s monitoring committee is recommending a faster increase in production in July.

Oil remains resilient to the headlines with WTI  crude oil  at $114.22, down about 90-cents. It was below $112, a short time ago.

Update: Bakr adds that the ‘remaining balance’ will be the increment for August. That will mean OPEC is pumping full-out ahead of schedule.

Update 2: Reuters says the recommended increase is 648K.

What’s going to be interesting now is whether OPEC can meet the new quotas. Currently, they’re woefully underproducing. The only real spare capacity is in Saudi Arabia and the UAE. This will give them a bit more room to produce but it also offers visibility to a time when there’s no spare capacity in the world.

Update 3: Reuters now says 648K in each of July and August. That would conclude the OPEC+ agreement in August, rather than planned in September.