The Organization of the Petroleum Exporting Countries and its partners, Saudi Arabia, Russia (OPEC+), have increased crude production for July.
The announcement made on Saturday will produce 411,000 barrels a day, the same amount as in May and June.
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Prices of crude oil dropped last week over worries that U.S. President Donald Trump’s tariff onslaught will cause an economic slump and weigh on demand.
Shortly after taking office, the US president called on Riyadh to ramp up production in order to bring down oil prices, meaning cheaper prices at the pump for American consumers.
The oil cuts production to prop up prices began in 2022, however, Saudi Arabia, Russia and six other members surprised markets recently by raising output for May and June.
The new increase is more than three times greater than the group had previously planned.
At a meeting in December, OPEC+ decided to wait until late 2026 to reverse collective cuts of some two million barrels per day (bpd), as well as additional cuts by some member countries of 1.65 million bpd.
However, they decided to reopen the valves this year, raising output by 411,000 bpd in May.
It unveiled a similar increase for June, much higher than the initial plan of 137,000 bpd.
