Kaynat Chainwala, AVP Commodity Research, Kotak Securities said, “The move reversed part of the recent decline that pushed both benchmarks toward their lowest levels since late February, when improving tanker flows and expectations for higher OPEC+ output weighed on prices. Over the weekend, seven OPEC+ members agreed to raise production by about 188,000 barrels per day from August, the fifth straight monthly increase and bringing the cumulative rollback of 2023 voluntary cuts close to one million bpd. Saudi Arabia cut its August Arab Light selling price to Asia by $1.50 below the Oman‑Dubai average, its largest monthly reduction in more than 20 years, as it seeks to regain market share lost to discounted Russian and Iranian crude. Iraq has lobbied for a bigger allocation to recover output lost during recent conflict.”
