OPEC+ may approve oil output hike to 600,000 bpd in July: Report

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OPEC+ is likely to agree on an oil output hike of up to 600,000 barrels per day (bpd) for July, Reuters reported, citing an unnamed source.

Russia may agree to compensate OPEC+ for the current decrease in its oil output, due to the sanctions imposed on the country after its invasion of Ukraine, another source said.

An agreement may be reached on gradually offsetting the Russian output loss, which is currently one million bpd below the country’s share in OPEC+; however, there is no guarantee for a unanimous approval on this move today, June 2.

A GCC source at OPEC said that a decision on making up for Russia’s production is highly possible during today’s meeting.