The next OPEC+ meeting is on August 3 and that's when we'll find out if Biden's trip to the Middle East has borne fruit.
Given these comments, I would assume some quota increases but whether OPEC can meet them is certainly up for demand. More than the meeting, I'll be looking for that compliance data for July.
The current plan is to increase OPEC+ production another 648k bpd in August. This meeting will be for September quotas.
WTI touched $100 earlier but has given some back. It remains higher by $1.60 on the day. The bigger news for oil this week -- for me -- is the US signaling it won't release SPR oil beyond October. That might set up a crunch in early 2023, but it will depend on how economies evolve.
