opec

Fuel use has rebounded from the 2020 pandemic-induced slump but high prices have eaten into growth projections for 2022 and fed into expectations for slower growth in 2023.

The Opec+ group decided to add 648,000 barrels per day to the market in July, up from the 432,000 bpd increases in recent months, and a shift from the cartel's recent stance of sticking to a planned pace of monthly production hikes.

The 13 members of the Organization of the Petroleum Exporting Countries drastically slashed output in 2020 as demand slumped because of the coronavirus pandemic and worldwide lockdowns.

The IEA move will mark just the fifth time it has tapped its stockpiles since 1991.

It is unclear if the US Strategic Petroleum Reserve draw would be part of a wider global coordinated release.

The Opec+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

But despite the positive effects expected, the country should brace for the drawback of surging oil prices.

The UAE and other producing nations want to raise their agreed output baselines to meet rising demand as pandemic restrictions are relaxed.

Antara kuasa penawaran dan permintaan serta persaingan dalam pasaran menjadi penentu harga minyak.