OPEC+ set to sign off on July increase as market tightens

OPEC+ looked set to increase production in July as expected, as ministers prepare to tackle the thornier issue of how to handle a tightening oil market for the rest of the year.

The group’s Joint Ministerial Monitoring Committee recommended pushing ahead with the planned ramp-up in July, when OPEC+ stands to add 841,000 barrels a day following hikes in May and June, according to delegates. There was no discussion of policy beyond that, but a full ministerial meeting follows shortly.

Oil demand is accelerating as vaccine programs expand and economies rebound — and Brent above $71 is fueling inflation concerns.