Seven OPEC Plus members say they will boost crude oil output next month.
The major oil producers, including Saudi Arabia and Russia, held a virtual meeting on Sunday. The United Arab Emirates, which announced its withdrawal from both OPEC and OPEC Plus effective May 1, did not take part in Sunday’s meeting.
The seven members say they will raise production by 188,000 barrels per day in July, the same as for June. That will be an output hike for the fourth straight month.
Oil shipments through the Strait of Hormuz remain restricted. The output boost is believed to be in response to the possible opening of the waterway.
In New York on Friday, WTI crude oil futures remained high in the 90-dollar range per barrel, driven by concern that the outlook for US-Iran talks to end their conflict became unclear again.
