The Organization of the Petroleum Exporting Countries and its oil-producing allies, aka OPEC-plus, vowed to further increase output in July, keeping with a plan agreed to in April that calls for the cartel to add more than 2 million b/d back into the market between May and the end of July.

The group led by Saudi Arabia and its ally Russia said it would further boost production by 450,000 b/d next month. Over the course of the three-month effort, plans are to increase global supplies by 2.1 million b/d. As part of the plan, Saudi Arabia would continue to unwind unilateral cuts of 1 million b/d that it put in place early this year when demand outlooks were still tepid.

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