Oil markets have largely ignored the overtly aggressive production policy of OPEC+, with geopolitical fears keeping Brent hovering around $70.

Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts,

Crude oil outlook turns bearish as geopolitical risks ease, OPEC plans a supply hike, and demand signals remain weak ahead of next week’s trade.