OPEC + increases production for third consecutive month

OPEC + has agreed to increase oil production by 411,000 barrels a day for the third consecutive month, delegates said. Major countries led by Saudi Arabia agreed in a video conference on Saturday to add that output to the market in July. The increase follows OPEC's similar production increases in May and June, breaking with the group's years-long efforts to support global oil prices and dragging them to four-year lows. During Saturday's discussions, Russia suggested a pause in production increases, delegates said. Saudi Arabia has defended oil prices for years by restricting supply, and delegates offered a range of explanations for the kingdom's pivot. Officials believe Saudi Arabia is trying to appease Trump or regain market share lost to U.S. shale drillers and other competitors. Some argue that OPEC + is simply meeting strong demand, while others say Saudi Arabia is trying to punish members like Kazakhstan for cheating on production quotas.