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Insider: OPEC+ may increase its production target by approximately 188,000 barrels per day starting in July
BlockBeats News, June 7, citing three OPEC+ sources according to CNBC, said that although the war between the United States and Iran is still preventing several member countries of the organization from increasing oil production, OPEC+ will still agree on Sunday to raise its oil production target for the fourth time in just a few months.
The seven core member countries of OPEC+ increased their production quota by nearly 600,000 barrels per day from April to June. In fact, due to export cuts by Gulf member countries, the organization’s output has already fallen significantly. According to OPEC data, the average output in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February.
Sources said these seven member countries are likely to decide on Sunday to further raise the production target by about 188,000 barrels per day starting in July, matching the same increase as in June.