OPEC+ to Increase Production Target by 188,000 Bpd Starting in July

Huo Xing Finance reports that, on June 7, according to CNBC citing three OPEC+ sources, despite ongoing U.S.-Iran tensions hindering several member countries from increasing oil production, OPEC+ is expected to agree on Sunday to raise its oil production target for the fourth time in just a few months. The seven core OPEC+ members increased their production quotas by nearly 600,000 barrels per day between April and June. In fact, due to reduced exports by Gulf members, the group’s output has dropped significantly. According to OPEC data, average production in April stood at 33.19 million barrels per day, down from 42.77 million barrels per day in February. The sources said the seven members are likely to decide on Sunday to raise their production targets by an additional approximately 188,000 barrels per day starting in July, matching the increase implemented in June.