America's Most Important Oil Basin Is Excelling

OPEC+ Increases Oil Production at a Faster Pace

At the most recent OPEC+ meeting on Thursday, members agreed to increase output by 648,000 barrels per day in both July and August.

Surprisingly, the agreement has been accepted.

OPEC+ has been failing its expectations by 1.6 million barrels per day if it is excluded from the equation.

There is skepticism about the viability of output increases.

Even Saudi Aramco's ability to produce enough petroleum is in doubt, with spare capacity estimated at 800,000 b/d and nearly half of it coming from the Neutral Zone co-developed with Kuwait.

The OPEC+ acceleration might have been prompted by a political spat between Riyadh and Washington.