Seven OPEC+ Producers Approve Modest Oil Output Increase for July
RIYADH — Seven OPEC+ member countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed on Sunday to raise their oil output targets by 188,000 barrels per day in July, the group announced after a meeting.
The decision is part of ongoing efforts to support market stability. The producers reaffirmed that voluntary output adjustments announced in April 2023 may be restored gradually, partially or fully, depending on market conditions. They will continue to monitor developments closely, keeping a flexible approach that allows for increases, pauses, or reversals.
The countries also pledged to fully compensate for any overproduction since January 2024, extending the compensation period until the end of December 2026. Monthly meetings will continue, with the next one scheduled for July 5.
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