OPEC+ announces major oil production increase for July
Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July.
They will produce an additional 411,000 barrels a day -- the same target set for May and then June -- according to a statement, which is more than three times greater than the group had previously planned, News.Az reports, citing foreign media.
In recent years the 22-nation group had agreed to daily reductions of 2.2 million barrels with the aim of boosting prices.
But in early 2025, leading members of the group known as the "Voluntary Eight", or V8, decided on the gradual output increase and subsequently began to accelerate the pace.
The moves have resulted in oil prices plummeting to around $60 per barrel, the lowest level in four years.
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