Reuters: OPEC+ to extend modest production hike in July

Six OPEC+ sources said that it is expected to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, , rebuffing Western calls for a faster increase to lower surging prices.

The sources told Reuters that Western nations, grappling with higher inflation, have repeatedly called on the group to accelerate its output hikes.

OPEC+ affirmed that the oil market is balanced and that the recent price hikes are not related to fundamentals.

Under a deal reached in July last year, OPEC and allies led by Russia, have been easing record production cuts by increments of about 400,000 bpd every month.