OPEC+ Maintains Steady July Oil Output Amid Global Market Dynamics

In a strategic move, OPEC+ has decided to maintain its oil output increase at 411,000 barrels per day for July, consistent with the production levels of May and June. The announcement, confirmed by several sources, underscores the coalition's effort to reclaim market share while addressing previous overproduction by some members.

The group, which consists of OPEC members along with allies such as Russia, is gradually unwinding the 2.2 million barrels per day in voluntary output curbs. These curbs were introduced in past months to stabilize the market, following a series of production hikes that began in April.

Despite the planned increase, discussions regarding future adjustments continue, particularly as Kazakhstan's refusal to cut production fuels speculation about higher-than-anticipated output levels. Meanwhile, global oil demand is projected to grow, with analysts forecasting an increase of 775,000 barrels per day by 2025, while the International Energy Agency estimates a rise of 740,000 bpd.

(With inputs from agencies.)