OPEC+ increases oil production quota for July.

The seven countries of Organization of the Petroleum Exporting Countries and allies (OPEC+) They agreed, in a virtual meeting held yesterday (7), to increase production of the energy commodity by 188 thousand barrels per day (bpd) from July. This is the fourth consecutive monthly increase and the same volume increased in June. 

As described in a statement, production increases continue to be adopted to mitigate the impacts of the war between the United States and Iran on the energy market. Between April and July, the cartel increased quotas by almost 600,000 barrels per day.

Currently, the cartel is composed of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The United Arab Emirates left the group in April.. 

This text was translated by machine from Brazilian Portuguese.