OPEC+ announced a production increase of 411,000 barrels per day for July, continuing its strategy of ramping up supply after years of output cuts.
The decision comes as the group, led by Saudi Arabia and Russia, pushes to regain market share and address overproduction by some member countries.
Eight OPEC+ nations had initiated a modest output hike in April, which was tripled for May, June, and now extended into July. Despite downward pressure on crude prices, the alliance maintains its focus on increasing volumes.
The group, which had previously reduced output by more than 5 million barrels per day—about 5 percent of global demand—held an online meeting to finalize the July figures and discuss additional options. The increase signals a continued shift in policy aimed at strengthening control over global oil markets.
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