OPEC+ agrees July oil output hike of 411,000 bpd, sources say
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Synopsis OPEC+ nations have decided to increase oil production by 411,000 barrels per day for July, mirroring the increases seen in May and June. This decision comes as the group aims to regain market share and address instances of overproduction by certain members. While some members are increasing supply, adjustments are being made to compensate for past overproduction. OPEC+ agreed to hike July oil output by 411,000 barrels per day (bpd) on Saturday, the same as in May and June, several sources said, as the group of oil-producing countries looks to grab back market share and punish over-producing members.
ADVERTISEMENT All sources declined to be identified by name due to the sensitivity of the matter.
Eight OPEC+ members of the group are unwinding 2.2 million bpd in voluntary curbs they imposed on top of earlier cuts.
OPEC+ includes OPEC members and allies such as Russia. They began their current round of output increases in April.While the eight are raising supply, some of them are being asked to temper those increases to compensate for overproducing in past months.Kazakhstan had said on Thursday that it would not cut production, prompting speculation that OPEC+ might go for a July increase larger than 411,000 bpd.
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Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday.Global oil demand is expected to grow by an average of 775,000 bpd in 2025, according to a Reuters poll of analysts published on Friday, while the International Energy Agency in its latest outlook saw an increase of 740,000 bpd.
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