Rig Count Tanks, Oil Slumps—OPEC+ Says ‘Full Speed Ahead’

By Julianne Geiger – OilPrice.com

OPEC+ will press on with its plan to increase its oil production quotas for the month of July, anonymous sources have told Reuters—with the group staying the course despite the low oil price environment.

OPEC has long argued that it makes output decisions based on supply and demand expectations—not oil prices.

The group is planning to meet on Wednesday, with three delegates from the OPEC+ group telling Reuters that it is not expecting to change its policy that it set previously: increase production quotes each month until all the production quotas have been unwound.