The Organisation of the Petroleum Exporting Countries (OPEC) and its partners, led by Saudi Arabia and Russia (OPEC+), have announced an increase in crude production for July.
The group would produce 411,000 barrels per day, the same amount as in May and June.
The decision comes after crude oil prices dropped last week due to concerns over the potential economic impact of U.S. President Donald Trump’s tariff policies on demand.
Trump had previously called on Saudi Arabia to increase production to bring down oil prices, which would result in cheaper prices at the pump for American consumers.
OPEC+ had implemented production cuts in 2022 to prop up prices.
However, in a surprise move, the group recently increased output for May and June.
The new increase is more than three times greater than the group’s initial plan.
In December, OPEC+ had planned to wait until late 2026 to reverse collective cuts of 2 million barrels per day (bpd) and additional cuts by some member countries of 1.65 million bpd.
However, the group decided to reopen the valves this year, raising output by 411,000 bpd in May and June.
