OPEC+ plans to increase production by 411,000 bpd in July to regain market share

From Yahoo Finance: 2025-05-31 04:35:00

OPEC+ sticks to its plan with a 411,000 bpd increase for July, aiming to regain market share and penalize over-producers. The group has already increased output by tripling production for May and June. Despite lower crude prices, Saudi Arabia and Russia are pushing for more output to boost revenues. OPEC+ cited a strong global economic outlook and low oil inventories as reasons for the July increase. The decision is expected to impact U.S. shale producers and tighten the oil market. Global oil demand is projected to grow, with OPEC+ maintaining cuts until 2026.



Read more at Yahoo Finance: OPEC+ oil producers stick to their guns with another big hike for July