The eight states, including Saudi Arabia and Russia, will increase their joint daily production by 411,000 barrels in July, according to a statement.
The decision was taken “in view of a steady global economic outlook and current healthy market fundamentals,” the group said.
In recent months, the eight states had already decided on an increase of 411,000 barrels each for May and June. The industry standard barrel contains 159 litres of oil.
The latest move was expected by the markets and is therefore unlikely to have a major impact on oil prices, Commerzbank analysts predicted before the decision.
OPEC+ unites the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) under the leadership of Saudi Arabia with partners such as Russia.
Together, they are responsible for around 40% of global oil production. According to the group’s latest data, OPEC+ produced around 40.9 million barrels per day in April.
In recent years, the eight core states of the cartel cut their production by 2.2 million barrels. Since April, the group has begun to gradually reverse the decrease.
GNA
PDC