Seven OPEC+ producers set modest July output increase

RIYADH: Seven OPEC+ member countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — will raise oil output ⁠targets by ⁠188,000 ‌barrels ‌per day ‌in July, the group said in a statement after a meeting on Sunday. The decision forms part of ongoing efforts to support market stability, with the countries reiterating that voluntary output adjustments announced in April 2023 may be restored gradually, either partially or fully, depending on market conditions.

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