A core group of OPEC+ member countries, including major producers Saudi Arabia and Russia, have announced plans to continue increasing oil production this summer.

Following virtual consultations on Saturday, the eight-member coalition confirmed that they will raise their combined daily oil output by 411,000 barrels in July. This marks a continuation of earlier production hikes of the same volume in both May and June.

The decision, according to the group’s statement, was based on “a steady global economic outlook and current healthy market fundamentals.”

Given that the move was widely anticipated by market analysts, it is not expected to cause significant fluctuations in oil prices. Analysts at Commerzbank had predicted a muted market reaction ahead of the announcement.

OPEC+, which brings together the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and non-OPEC partners like Russia, accounts for roughly 40% of global oil supply. As of April, the group reported total production of approximately 40.9 million barrels per day.

The eight core OPEC+ nations had previously cut output by 2.2 million barrels per day in an effort to stabilize the market. However, since April, they have been gradually easing those cuts in response to improving economic conditions and oil demand.