(MENAFN) On Saturday, the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers, collectively called OPEC+, revealed plans to ramp up oil production by 411,000 barrels per day (bpd) starting in July.

This decision was reached during a virtual meeting of member nations—including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—who evaluated current global market dynamics and future forecasts, as detailed on the OPEC website.

Initially, OPEC+ had targeted a more modest output increase of 134,000 bpd in July as part of a gradual easing of recent production curbs.

However, the coalition revised its approach, citing "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories." They also warned that planned incremental hikes could be halted or reversed depending on how market conditions evolve.

These production cuts, first introduced in November 2023 at a total of 2.2 million bpd for the first quarter of 2024, have been extended several times. The most recent extension pushes the curbs through the first quarter of 2025.

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