OPEC+ agrees to increase oil supply for the third time

Despite the main member country Russia holding reservations, OPEC+ has agreed for the third consecutive month to increase oil production, further solidifying a historic policy shift that has led to a sharp drop in crude oil prices. The organization's official website statement shows that oil-producing countries led by Saudi Arabia reached a consensus in a video conference on Saturday to add 411,000 barrels per day to the market in July. This increase is in line with the planned increments for May and June, marking a fundamental shift for the organization from "defending oil prices" to "actively lowering oil prices." "OPEC+ is no longer hiding," said Jorge Leon, an energy analyst at Rystad Energy who used to work at the OPEC secretariat, "May signaled, June stated clearly, and July is starting to shout out loud."