OPEC+ has hiked its production quotas for July and August, the oil organisation said in a statement today, having already lifted its target for next month.
The organisation, which consists of the Organization of Petroleum Exporting Countries and allies including Russia, has committed to boosting output by a further 648,000 barrels per day – bringing a planned uplift in September forward.
The original plan had been to adjust upward production by 432,000 daily barrels in July, August and September.
The organisation has also decided to extend the compensation period until the end of December 2022, follows calls from underperforming countries.
Members currently failing to meet their production targets are expected to submit their plans to OPEC+ by mid-June.
Saudi Arabia and Russia have said they will be able to increase oil production in July by 170,000 barrels per day – to around 10.8m barrels per day.
It comes as Western countries seek to cut their reliance on Russia for their energy production.