In a recent development, the OPEP alliance has agreed to increase production. This change is set to take effect starting in July. The increase amounts to 188,000 barrels per day.

The decision was made by OPEP+, which is led by Arabia Saudí and Rusia. This marks the fourth consecutive increase in production levels. Further information on this development can be found through El País, which reported on the agreement made by the alliance on Sunday.