Up to Opec: People walking past a logo of Opec during a climate change conference. For imports to rise in the fourth quarter, it will likely take lower oil prices to encourage buying and inventory builds. —Reuters
TWO questions stand out after the decision by the Organisation of the Petroleum Exporting Countries and allies (Opec+) to accelerate increases in crude oil output: who is going to buy the extra crude, and will the group actually export the additional barrels they say they are going to produce?
Opec+ agreed at a weekend meeting to raise production by 548,000 barrels per day (bpd) in August, up from the 411,000 bpd the group had approved for May, June and July, and 138,000 bpd for April.
