OPEC+ moves July oil production meeting to May 31

According to Bloomberg, OPEC+ moved the videoconference meant to determine July oil production levels for eight key member countries by one day. The meeting is now scheduled for May 31.

Last week, an eight-nation subgroup led by Saudi Arabia and Russia held preliminary talks on a potential production increase. They considered raising oil output by 411,000 barrels per day for the third consecutive month. The size of the production increase will be finalized during the online conference.

OPEC and its partners' actions in early April led to a drop in oil prices to a four-year low below $60 a barrel, as reported by Bloomberg. These countries announced an accelerated resumption of crude oil supplies to the market this month and then extended production increases into June. Since then, prices have recovered to around $65.

The 22-nation alliance is also set to hold online meetings on May 28. They will likely review the overall oil production quotas that underpin OPEC's latest supply curbs.