Source: Insider According to sources: OPEC+ may further increase its production target by around 188,000 barrels per day starting from July.

BlockBeats News, June 7th, according to CNBC citing three OPEC+ sources, despite the ongoing U.S.-Iran war hindering several members of the organization from increasing oil production, OPEC+ will still agree on Sunday to raise the production target for the fourth time in just a few months.

The seven core OPEC+ members increased their production quotas by nearly 600,000 barrels per day from April to June. In fact, the organization's production has dropped significantly due to export cuts by Gulf members. According to OPEC's data, the average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February.

Sources said that these seven members are likely to decide on Sunday to further increase the production target by around 188,000 barrels per day from July, the same as the June increase.