Eight OPEC+ oil producers agree to further increase output from July

Eight countries in the OPEC+ group, made up of members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, agreed today to a further increase in output from July, again by 411.000 barrels per day. OPEC said in a press release.

The producers are thus continuing to gradually increase output at the same pace. They last raised it from June, also by 411.000 barrels per day. At the end of the week, news agencies reported that the countries might increase output by more than that amount this time, but that has now not been confirmed.

The meeting was attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These countries also committed to meeting for further talks on 6 July, when they will agree on any possible further adjustments to output.

The previous two decisions to significantly increase output from May and then from June contributed to a decline in oil prices. OPEC+ producers agreed on the gradual increase in output in December last year.