OPEC+ has agreed to raise oil production by 188,000 barrels per day from August, marking the fifth consecutive monthly increase in output quotas. The total increase in quotas now stands at around 940,000 barrels per day since the conflict began. Brent crude is now trading around $72 per barrel, sharply down from its April peak of $126 per barrel. Analysts at Morgan Stanley and Goldman Sachs have warned of a potential market glut next year if producers continue pumping without consideration of demand. Saudi Arabia shipped an average of 6.3 million barrels per day last week, restoring flows to almost 90% of pre-war February levels.
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