OPEC+ increases oil production quota

Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday.

The seven major producers will add “188,000 barrels per day” to their total production quota for June, as part of “their collective commitment to support oil market stability,” according to a statement published by OPEC+.

The statement followed an online meeting by OPEC+ members Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.