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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

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.

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