The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase their production again on Saturday. OPEC+ planned to raise production at a steady rate by 411,000 barrels per day (bpd) in July, following an increase in May and June. The group noted in a statement that a “steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” was its reasoning for the July increase.
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