OPEC+ Likely to Increase Oil Production Quota in July

OPEC+ member countries are expected to agree on increasing oil production quotas in July, according to three sources. According to Odaily, the ongoing conflict in Iran has hindered some nations from achieving previous production targets. The anticipated increase in quotas suggests a gradual return to normal operations for the organization, despite disruptions caused by the blockade of the Strait of Hormuz and the unexpected exit of the UAE in May. Sources indicate that OPEC+ is likely to boost production by approximately 188,000 barrels per day in July, matching the increase agreed upon for June, which was adjusted from an initial 206,000 barrels per day due to the UAE's departure.