OPEC+ is set to discuss a potential increase in oil output for July that may exceed the previously agreed 411,000 barrels per day (bpd). This meeting comes as eight member countries have been raising output more rapidly than planned, which has led to downward pressure on oil prices. The discussions are influenced by Kazakhstan's recent announcement to maintain its production levels, which could prompt a larger output increase to balance the market dynamics among OPEC+ members.

The ongoing strategy by OPEC+ leaders, particularly Saudi Arabia and Russia, aims to regain market share and address overproduction by certain allies. The potential output increase is part of a broader effort to unwind previous voluntary cuts of 2.2 million bpd. The outcome of this meeting could significantly impact global oil prices, which have recently fluctuated due to increased supply and geopolitical factors.