Reuters report said OPEC might increase oil production starting from July if Iran and Venezuela oil production drops and prices increase. Last month Venezuela's oil production dropped to 1 million bpd, and it is expected that Iran's oil exports will further drop in May. OPEC is expected to meet on June 25-26 to decide whether or not to extend the oil cuts or not.

OPEC May Raise Oil Production from July

Posted On: April 11, 2019

< 1 minute read

Reuters report said OPEC might increase oil production starting from July if Iran and Venezuela oil production drops and prices increase.

Last month Venezuela’s oil production dropped to 1 million bpd, and it is expected that Iran’s oil exports will further drop in May.

OPEC is expected to meet on June 25-26 to decide whether or not to extend the oil cuts or not.