Eight OPEC+ nations � Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman � will boost oil production by 411,000 barrels per day (bpd) in July, compared to June levels, as part of a plan to gradually unwind voluntary output cuts, the group said Saturday following a virtual meeting.
Amid a stable global economic outlook and healthy market fundamentals reflected in low inventory levels, eight participating countries will raise output by 411,000 bpd in July, in line with the December 5, 2024 decision to gradually and flexibly unwind the 2.2 million bpd voluntary cuts that began on April 1, the group announced.
The output hike corresponds to the cumulative volume of a planned three-month gradual increase. OPEC+ noted that the production rise could be paused or reversed depending on market conditions.
The alliance is scheduled to reconvene on July 6 to decide on production levels for August.
By Duygu Alhan
Anadolu Agency