Ministers of the Organisation of the Petroleum Exporting Countries plus it’s non-member alliance (OPEC+), on Sunday, agreed to raise their combined oil production quota by 188,000 barrels per day (bpd) for July, a modest increase that analysts said is unlikely to ease recent price gains driven by geopolitical tensions in the Middle East. The decision was taken during a video meeting of oil ministers from seven key OPEC+ producers — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — the grouping said in a statement. The agreed uplift is broadly in line with similar monthly increases the alliance has authorised in recent months. OPEC+ said the hike was intended “to support oil market stability” and to give the participating countries an opportunity “to accelerate their compensation” amid historically high oil prices. The statement also said ministers “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.”

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