OPEC+ agrees further accelerated oil output hike for July
OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned.
In a statement issued after a meeting, OPEC+ cited a 'steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories' as its reasoning for the July increase.
OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia.
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