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OPEC+ has agreed to a 411,000 bpd increase in July oil production, according to sources

OPEC+ has agreed to increase July oil production by 411,000 barrels a day (bpd), the same as it did in May and June.

Due to the sensitive nature of the subject, all sources declined to provide their names.

Eight OPEC+ member countries are removing 2.2 million bpd of voluntary curbs that they imposed over and above earlier cuts.

OPEC+ is a group of OPEC members, as well as allies like Russia. The current round of production increases began in April.

Some of the eight producers are asked to reduce their production to compensate for past overproduction.

Kazakhstan said Thursday it would not reduce production, leading to speculation that OPEC+ could go for a larger increase in July than 411,000 bpd.

In April, oil prices dropped to a 4-year low. They fell below $60 per barrel as OPEC+ announced that it would triple its production increase in May. Meanwhile, tariffs imposed by President Donald Trump raised fears about the global economy. Prices were just below $63 per barrel on Friday.

According to a Friday poll, the average global oil demand will grow by 775,000 barrels per day (bpd) in 2025. The International Energy Agency, in its most recent outlook, predicted an increase of 740,000 barrels per day.

(source: Reuters)