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OPEC+, which comprises OPEC and its allies, agreed to increase oil production by 648,000 barrel per day (bpd) in July.
 

During the 29th cartel's ministerial meeting, the compensation period was extended for producers till the end of December, 2022, due to requests from low-performing countries.
 

The decision to boost oil output came despite earlier expectations that the cartel would commit to its policy of boosting supplies by 432,000 bpd.
 

Reuters earlier cited a source as saying that Russia may agree to compensate OPEC+ for the current decline in its oil output due to sanctions imposed against it due to Ukraine invasion.
 

OPEC+ next meeting is scheduled to be held on June 30.

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