People walk by the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria. AFP
According to a statement, they will produce an additional 411,000 barrels a day—the same target set for May and then June—which is more than three times greater than the group had previously planned.
In recent years, the group within OPEC+ that is known as the "Voluntary Eight", or V8, had agreed to daily reductions of 2.2 million barrels with the aim of boosting prices.
But in early 2025, OPEC+ members decided on the gradual output increase and subsequently began to accelerate the pace.
The moves have resulted in oil prices plummeting to around $60 per barrel, the lowest level in four years.
OPEC+ "struck three times: (the output target for) May was a warning, June a confirmation and July a warning shot", Rystad Energy analyst Jorge Leon told AFP.
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