OPEC+ Agrees to Increase Oil Output by Over 180,000 Barrels Per Day in July

Ministers from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Thursday to increase their total July oil quota by 188,000 barrels per day. Analysts believe this move is unlikely to impact oil prices, which have been driven higher by the war in the Middle East.

According to a statement from OPEC+ reported by AFP, oil ministers from key OPEC+ members including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed to the production increase during a video conference.

The increase is similar in size to production increases decided in previous months.