Seven OPEC+ member countries have agreed to increase oil production quotas by 188,000 barrels per day in July.
According to an OPEC press release, the total quota for the alliance will reach 35.83 million barrels per day, excluding compensation from overproducing countries.
The next ministerial meeting is scheduled for July 5. Saudi Arabia and Russia will each raise output by 62,000 bpd.
Iraq will increase by 26,000 bpd, Kuwait by 16,000 bpd, Algeria by 6,000 bpd. Kazakhstan and Oman will increase by 10,000 and 5,000 bpd respectively. The compensation period is extended to the end of 2026.
