🔶 The possibility of OPEC+ increasing oil production quotas Agence France-Presse, quoting a number of analysts, has reported on the likelihood that seven OPEC+ members will agree to increase oil production quotas at the organization’s meeting on Sunday, July 5. Saudi Arabia, Russia, and the five other members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are expected to discuss production quotas for August in this virtual meeting on Sunday. Giovanni Staunovo, a commodities market analyst at the Swiss bank UBS, says that OPEC+ is most likely to continue phasing out the production cuts at the same pace as in previous months and that oil production would rise by about 188,000 barrels per day, although the output of these countries is likely still below OPEC+’s set targets. After Gulf countries were forced to cut their production when Iran, during its war with Israel and the United States, severely disrupted oil transfers through the Strait of Hormuz, their oil exports faced problems for several months.