The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Saudi Arabia and Russian collectively known as OPEC+have announced a significant increase in oil production for July.
The group will produce 411,000 more barrels of crude oil per day, matching the increases made in May and June.
This new figure is more than three times higher than what was initially planned.
The production boost comes as global oil prices have dipped recently, partly due to concerns that new tariffs from U.S. President Donald Trump could slow the economy and reduce oil demand.
President Trump has urged Saudi Arabia to increase production in a bid to lower fuel prices for American consumers.
OPEC+ originally began cutting oil output in 2022 to support prices.
However, despite earlier plans to maintain cuts until late 2026, the group surprised markets by increasing production starting in May.
In December, they had agreed to continue collective production cuts of around two million barrels per day, plus additional voluntary cuts of 1.65 million barrels per day by some members.
Now, they’ve reversed course by raising output well beyond the earlier proposed 137,000 barrels per day.
