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6/2, 3:56 PM (Source: TeleTrader)
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OPEC+ confirms 650,000 bpd production hike for 2 months

The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led partners will increase their oil production by a total of 648,000 barrels per day in July and August, the group confirmed on Thursday.

Countries that haven't fully complied with the deal will have until June 17 to submit their plans on how they will compensate for overproduction before the end of 2022.

OPEC and allies will meet again on June 30.

Baha Breaking News (BBN) / MS