Vienna, May 31 -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Saturday that they will increase oil output by 411,000 barrels per day (bpd) in July.
According to a statement on the OPEC website, the decision was made during a virtual meeting where member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, assessed global market conditions and outlook.
The OPEC+ countries had originally planned to raise output by 134,000 bpd in July as part of a plan to gradually unwind their most recent layer of output cuts.
However, the group adjusted its strategy, citing "a steady global economic outlook and current...