Opec+ Oil producers are committed to their rifles by another significant increase for the month of July

By Alex Lawler, Olesya Astakhova and Ahmad Ghaddar

LONDON/MOSco (Reuters) -The largest group of oil producers in the world, OPEC+, held its pistols on Saturday with another significant increase of 411,000 barrels per day for the month of July, as she looks to wrestling the market share to reverse and punish excessive producers.

After spending years to reduce production – more than 5 million barrels per day (BPD) or 5 % of global demand – eight OPEC+ countries made a modest increase in April three times in May and June and now July.

They raise production, although the additional supply that weighs raw prices, as the leaders of Saudi and Russia groups seek to increase the market share, as well as punish the allies excessive production, such as Iraq and Kazakhstan.

“Today’s decision is not only showing that the market share is at the top of the agenda. If Price does not get the revenues you want, they hope to embrace this size,” said analyst Harry Chillinguian of the Group Cup. OPEC+ OPEC delegate said. On Friday, sources familiar with OPEC+ conversations said they could discuss a greater rise.

In a statement cited OPEC+ with “fixed global economic expectations and the basics of the current health market, as shown in low oil stocks” with an increase in July.

OPEC+ pumps about half of the world oil and includes OPEC members and allies like Russia.

Analysts say that the increase in the number of supplies weighs crude prices and presses all producers, but some are more than others, including a major group of competitors – American rock producers.

“Three OPEC+strikes were, and nothing was from the soft balls. May warned, Jun confirmed, July brings a shot through the bow,” said George Leon, head of geopolitical analysis at Risad and a former OPEC official.

Since April, Opec+ Eight has now increased or announced an increase in a total of 1.37 million barrels per day, or 62 % of 2.2 million barrels per day aimed at adding the market.

OPEC+ officials, including Russian Deputy Prime Minister Alexander Novak, said the highest demand for increasing the output of production at this time.

“The oil market is still narrow, indicating that it can absorb additional barrels, as the effective increase must be smaller because many eight countries outperform production, and demand is increasingly seasonal,” said Giovanni Stonovo, an UBS analyst, said.

A source familiar with the matter said.

Oil prices fell to a four -year lowest level in April, and slipped to less than $ 60 a barrel after OPEC+ Inc+ said it raised three times its production in May, and since US President Donald Trump’s tariff raised concerns about global economic weakness. The prices were closed just less than $ 63 on Friday.

The global oil demand is expected to grow at a rate of 775,000 barrels per day in 2025, according to a Reuters poll for analysts published on Friday, while the International Energy Agency witnessed in its last looks an increase of 740,000 barrels per day.

Besides the discount 2.2 million barrels per day when the eight members started relaxing in April, Opec+ contains two other layers of cuts that are expected to remain in place until the end of 2026.

(Ghamad Ghaddler, OL