Reuters: OPEC+ expected to raise oil production in July

Seven leading OPEC+ countries are expected to agree on increasing oil production quotas in July by 188,000 barrels per day compared to June levels, Reuters reports, citing sources.

​This is the ​same as the ⁠June hike, which was adjusted down from monthly increases of 206,000 bpd in May and April to take into ​account the UAE exit, the report added.

However, sources emphasized that no final decision has yet been taken.

The outlet also said that no broader changes to OPEC+ production policy are expected during the upcoming ministerial meeting.

A series of meetings is scheduled for Sunday, June 7, including the OPEC+ ministerial monitoring committee, a full OPEC+ ministerial session, meetings of OPEC members, and a gathering of the seven key producers. The session is set to begin at 16:30.

By Jeyhun Aghazada