Why OPEC+ Is Pumping Fast and Playing Hardball

OPEC+ blindsided oil market participants, again, with a larger-than-expected oil production hike for August.   Instead of the widely expected 411,000 barrels per day (bpd), the group of eight OPEC+ producers led by Saudi Arabia and Russia decided to add 548,000 bpd to their combined oil output next month. OPEC+ motivated its decision for the supersized hike with “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”   Aiming to take advantage of the peak summer…