������ý

OPEC kept oil production broadly steady in July while it cautiously monitors the impact of its latest cutbacks on global markets.

Key OPEC+ nations Iraq, Kazakhstan and Russia continue to pump above output limits intended to shore up global oil prices, the group’s data showed.

OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits.

A Senate panel is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer colluded with the cartel.

OPEC maintained forecasts for strengthening oil demand in the second half of the year, as the group and its allies prepare to revive some halted supplies.

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on June 2 extended output cuts through next year, a move aimed at supporting slack prices.

OPEC+ is pressing on with informal talks aimed at finalizing an agreement on oil output cuts this weekend, officials said.

OPEC+ will hold next month’s policy meeting online rather than in person, while several delegates said they expected the group to extend its current supply cuts into the second half of the year.

Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.

OPEC+ chose to stick with oil supply cuts for the first half of the year, keeping global markets tight and potentially sending prices higher.