More crude likely in market soon as OPEC+ clears hike of 188,000 barrels per day for August

OPEC+ has approved an additional 188,000 barrels per day production increase for August, aiming to boost global crude availability and ease price pressures, particularly for importing nations like India. This move, part of a broader unwinding of production cuts, comes as global benchmark Brent crude nears pre-conflict levels. While oil firms anticipate breaking even on petrol and diesel soon, cooking gas sales continue to incur losses.