OPEC+ oil producers stick to their guns with another big hike for July

In a recent development, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have decided to maintain their course and increase oil production by another significant margin for July. This decision, driven by the group’…’s commitment to a steady supply, follows a similar production hike in June. The move comes despite concerns over surging inflation and its impact on global economic recovery, as well as calls for restraint from major energy-consuming nations. The production increase, totaling 648,000 barrels per day, is expected to keep oil prices volatile in the short term. This development underscores the delicate balance between supply, demand, and economic stability in the post-pandemic world.