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Sources: OPEC+ may raise production targets by approximately 188k barrels per day starting from July

MarsBitNews
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Mars Finance News, June 7, citing CNBC and three OPEC+ insiders, reported that although the ongoing war between the United States and Iran continues to hinder several OPEC+ member countries 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. From April to June, the seven core OPEC+ member countries increased their production quotas by nearly 600,000 barrels per day. In fact, the group’s output has already fallen significantly due to Gulf states reducing exports. According to OPEC data, the average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February. The insiders said these seven member countries are likely to decide on Sunday to raise the production target again by about 188,000 barrels per day starting in July, matching the increase in June.
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