Investing.com -- The Organization of the Petroleum Exporting Countries and its allies (OPEC+) may discuss a larger increase in oil output for July than the 411,000 barrels per day (bpd) increases it implemented for May and June, according to a Reuters report on Friday..
Eight countries within the OPEC+ alliance have been raising their oil production more quickly than initially planned, despite the fact that this additional supply has put downward pressure on prices. The strategy of the group’s leaders, Saudi Arabia and Russia, is to discipline allies that have been overproducing and to regain market share.
These eight member countries may reportedly decide to boost output by 411,000 bpd for July. The report added that two OPEC+ delegates have suggested that a larger increase might also be on the table for discussion.
A statement from Kazakhstan on Thursday, indicating that it has no plans to reduce its oil production, has stirred debate within OPEC+. There’s speculation that Kazakhstan’s stance might influence the discussions towards a larger output increase in the meeting scheduled for Saturday.
