Oil Price Report (Afternoon Edition) | August 2, 2022:

 Source: wsj.com

OPEC+ Considers Modest Oil-Production Increase, Output Freeze, Say Delegates

Benoit Faucon and Summer Said

OPEC and its allies are considering either a modest increase in oil production or maintaining output at current levels when they meet Wednesday, delegates say, as the alliance seeks more time to assess a possible slowdown in global energy demand.

The Saudi-led Organization of the Petroleum Exporting Countries faces some pressure to boost supply and help lower oil prices after President Biden’s high-profile trip to the kingdom last month. But it needs to coordinate such a move with a coalition of Russia-led producers with which it has an enduring alliance.

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