Seven members of the Organization of the Petroleum Exporting Countries and other oil-producing countries, or OPEC+, will reportedly agree to an increase in July oil output despite supply disruption caused by the Iran war.
Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman are expected to agree on raising the monthly output by 188,000 barrels of oil per day at a meeting scheduled for June 7, Reuters reported Thursday, citing unnamed sources. Meanwhile, no policy changes are expected from the two other OPEC+ meetings also set for June 7.
The report noted that OPEC+ has raised its monthly output target since April, with the growth slightly reduced in May, following the United Arab Emirates' exit.
OPEC did not immediately respond to a request for comment from.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)