FX.co ★ OPEC+ Raises July Oil Output to 411,000 Bpd

OPEC+ announced plans on Saturday to boost oil production by 411,000 barrels per day (bpd) starting in July. This decision emerged from a virtual meeting where participating countries—including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reviewed the prevailing global market conditions. Initially, the group had intended a more conservative increase of 134,000 bpd, but revised the strategy, pointing to "a steady global economic outlook and healthy market fundamentals, evidenced by low oil inventories." The statement highlighted that these incremental increases might be paused or reversed in response to market fluctuations. OPEC+'s objective is to gradually lift its recent output reductions while ensuring stability in the global oil markets. This adjustment indicates confidence in current economic conditions, coupled with a preparedness to make further changes if necessary.