OPEC Will Increase Oil Supply in July

OPEC will increase oil supply in July. OPEC+ countries have announced that they will stick to the plan.

The Organization of Petroleum Exporting Countries announced after the online meeting that they will stick to their plan to increase oil production in July. Representatives stated that after the increases in May and June, there may be an increase of 841 thousand barrels per day in July. Strong recovery signals in Europe and the USA had been a factor that gave confidence to OPEC member countries and their allies for additional production. On the other hand, the resumption of the number of cases in some regions in Asia poses a threat to the demand from this region. Saudi Arabian Energy Minister Prince Abdulaziz Bin Salman said there are important signs that points to an improved demand. Underlining that they will not leave the market alone, Minister Bin Salman noted that they did not discuss Iran's return to the oil market at the meeting.