OPEC+ may discuss oil output hike larger than 411,000 bpd for July, sources say – Middle East Monitor

OPEC+ may discuss an increase in oil output for July at its meeting Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters.

Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share,…