OPEC+ countries to boost output by another 411,000 bpd in July

Eight OPEC+ countries voluntarily reducing oil production have agreed to increase production by another 411,000 barrels per day in July, which is in line with the initial three-month plan for production growth, according to a statement posted on the OPEC website, Report informs.

Similar production decisions were previously made for May and June. A meeting of the eight OPEC+ countries to discuss the oil production plan for August is scheduled for July 6.

In its statement, OPEC emphasized that its decision to increase production by 411,000 barrels per day was made against the backdrop of a stable global economic outlook, healthy oil market fundamentals, and low commercial oil inventories worldwide.

OPEC reiterated that it may suspend production increases depending on market conditions. According to the statement, this flexibility enables OPEC countries to maintain stability in the oil market.