OPEC+ mulls 500,000 bpd output ramp-up in July meeting: report

Logo of OPEC

OPEC and its allies are considering increasing the group’s total production by about 500,000 barrels per day (bpd) in the meeting scheduled for next week, The Wall Street Journal (WSJ) reported, citing OPEC+ delegates.

The OPEC+ members are cautious about increasing production, fearing uncertain demand as the global economy recovers unevenly, the delegates said.

OPEC+ will meet virtually on July 1 to decide the oil production policy. The group is currently looking at adding another 500,000 bpd in August, possibly followed by similar bumps higher in subsequent months, the delegates added.

Earlier this week, US crude oil prices were close to $72 bpd, settling at their highest levels in more than two and a half years.