Introduction 1-Sources: OPEC+ will likely raise July production targets despite Strait disruptions

To add details

VIENNA, June 1 (Reuters) - Oil-producing nations in the OPEC+ alliance are likely to agree to a further increase in their July output target when they meet on Sunday, three sources said, although the trade war with Iran has so far prevented several of these countries from implementing previous increases.

A further increase in quotas would show that the group is proceeding on its usual course despite the disruptions caused by the closure of the Strait of Hormuz and the UAE's surprise exit from OPEC in May, after nearly 60 years in the organization.

Sources indicated that the monthly target set by the seven-nation coalition is expected to increase by approximately 188,000 barrels per day for July. This matches the agreed-upon increase for June, which was reduced from 206,000 barrels per day to account for the UAE's withdrawal.


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.