OPEC+ faces rising calls to hike output as oil hovers over $75/b

摘要

Dated Brent has shot past $75/b,oil inventories are falling and market forecasters are warning of a supply crunch this summer if OPEC and its allies do not agree to pump more crude imminently.OPEC+ ministers may very well oblige when they meet July 1 to discuss production quotas for August and possibly beyond.But how much crude to produce and for how long are the key questions,and many analysts expect a tempered short-term rise of perhaps 500,000 b/d to 700,000 b/d.Members will be keen to capture some of the rising demand for oil,without pushing prices down,while they also await the outcome of the stalled US-Iran nuclear deal negotiations.