Has OPEC+ Agreed on Production Increase?

The claims that OPEC+ members will agree on a production increase of approximately 600,000 barrels in July caused a slackening in oil prices.

Has OPEC+ Agreed on Production Increase? According to the news Reuters cites a source close to the subject, the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ members, consisting of some non-OPEC producer countries, will agree on the production increase in July. Accordingly, a production increase of 600 thousand barrels will be realized in July. OPEC+ had decided to increase production by 432 thousand barrels per day in the previous months. Response from Saudi Arabia to Russia's Move On the other hand, according to the news compiled by the Financial Times, Saudi Arabia has prepared to increase its oil production in case of a significant decrease in Russia's oil production due to the sanctions imposed by Western states. According to the same news, Saudi Arabia and the United Arab Emirates (UAE) held talks to increase production immediately, and the joint decision will be announced at the OPEC+ meeting to be held today. Oil Relief Along with the current news, oil prices decreased slightly. The barrel price of Brent crude oil, which started the week at $120, decreased by 1 percent to $115 after the developments. U.S. Crude Oil also lost nearly 1% to $114. There may be a decrease in fuel prices The increase in the prices of petroleum products directly affects the fuel and therefore the end user. The increase in fuel prices puts global markets struggling with inflation and in a difficult situation.