Sources: OPEC+ to increase production by about 188,000 barrels per day in July

Odaily Odaily reports that three sources have indicated OPEC+ oil producers are likely to agree at their Sunday meeting to further increase crude oil production quotas for July. However, the war in Iran has so far prevented some member countries from achieving their previous production increase targets. If quotas are raised again, it would signal the group is gradually returning to normal operations, despite numerous disruptions caused by the blockade of the Strait of Hormuz and the unexpected withdrawal of the UAE in May. According to the sources, OPEC+ is expected to increase production by about 188,000 barrels per day in July, the same increase agreed upon for June, which was revised down from 206,000 barrels per day due to the UAE's withdrawal. (Jin Shi)