OPEC+ members agree to increase oil production in July by 411,000 barrels per day (bpd)

OPEC+ has agreed to increase oil production in July by 411,000 barrels per day (bpd) as it did in May and June, as the world's largest oil producers continue to restore supply faster than previously planned.

Reuters reported this.

The eight OPEC+ countries have been increasing production faster than planned since May, despite the additional supply weighing on prices. The strategy of the group's leaders, Saudi Arabia and russia, is partly aimed at punishing allies that exceed production and restoring market share, Reuters reported.

The eight countries agreed to increase production in July during an online meeting on Saturday, May 31.

In a statement released after the meeting, OPEC+ cited “the stable global economic outlook and ongoing healthy market fundamentals, reflected in low oil inventories,” as reasons for the July output increase.

While the bloc’s eight countries are increasing supply, some are being asked to hold back on the increases to offset overproduction in recent months.

Kazakhstan said on Thursday it would not cut output, sparking speculation that OPEC+ could go for a July increase that would exceed 411,000 barrels per day.

Oil prices fell to a four-year low in April, falling below USD 60 a barrel after OPEC+ announced a three-fold increase in output in May and US President Donald Trump’s tariffs raised concerns about the weakness of the global economy. Prices closed just below USD 63 on Friday.