OPEC+ agreed to accelerate the return of another chunk of oil that it’s been withholding from the market, as the group sticks with a strategy of prioritizing market share over prices.
In a virtual monthly meeting that lasted just 11 minutes, key alliance members approved returning 137,000 barrels a day from October. It’s the first sliver of a bigger 1.65 million barrels a day tranche of supply that was meant to be held back until the end of next year, suggesting cautious optimism about the market.