OPEC+ may hike July oil output: Report

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Eight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, CNBC reported, citing two OPEC+ delegates.

Last April, the eight countries agreed to accelerate the gradual rollback of voluntary cuts and approved higher-than-expected production hikes for May and June.

In a virtual meeting on May 28, OPEC+ countries agreed to leave their formal output quotas unchanged.

Additionally, the group called on the OPEC Secretariat to assess each country’s sustainable production capacity to determine their baselines for 2027.