Seven OPEC+ Producers, Including Iraq, to Review July Oil Output Increase

Seven major OPEC+ producers, including Iraq, will discuss a limited increase in oil output for July at their June 7 meeting, with the proposed rise potentially reaching about 188,000 barrels per day. The final decision has not yet been made, and negotiations are still under way. The group kept production levels unchanged during the first quarter of the year before moving to gradual monthly target increases from April. Since May, however, the pace of those increases has been reduced, a change linked to shifts in internal balances. Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman are scheduled to take part in the meeting. The talks will determine whether the bloc extends its cautious approach to output management into July.