Source: Financial Times [UK]
“Opec+ announced another large increase in oil output for July in the latest sign that the cartel was intent on unwinding the first tranche of its long-standing production cuts as quickly as possible. Eight members of the oil-producing group, including Saudi Arabia and Russia, said on Saturday that they would increase headline production in July by a combined 411,000 b/d. The decision to fast-track the return of idled capacity for the third consecutive month means the group could add as much as 1.4mn b/d to the global market between April and the end of July.” (05/31/25)