OPEC+ agree to ramp up oil production targets for July-August

Oil

The OPEC+ coalition agreed on 2 June to boost their collective crude oil production quotas by 648K b/d in both July and August, bringing forward planned output increases amid ongoing Russian supply concerns, Argus reports. Under the roadmap outlined last July production was due to rise by 432K b/d across July-September, however, following these larger increases the group is now set to bring back the near 10M b/d of crude production removed in April 2020 by the end of August. The next OPEC+ meeting is currently scheduled to take place on 30 June.