VIENNA - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Saturday that they will increase oil output by 411,000 barrels per day (bpd) in July.

According to a statement on the OPEC website, the decision was made during a virtual meeting where member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, assessed global market conditions and outlook.

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The OPEC+ countries had originally planned to raise output by 134,000 bpd in July as part of a plan to gradually unwind their most recent layer of output cuts.

However, the group adjusted its strategy, citing "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories." The statement also noted that the gradual increases may be paused or reversed subject to evolving market conditions.

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Initially announced in November 2023, the 2.2 million bpd production cuts were introduced for the first quarter of 2024. The cuts have been extended multiple times since then, with the latest extension pushing them through the first quarter of 2025.