LONDON (FT) - OPEC+ announced another large increase in oil output for July in the latest sign that the cartel was intent on unwinding the first tranche of its long-standing production cuts as quickly as possible.  
Eight members of the oil-producing group, including Saudi Arabia and Russia, said on Saturday that they would increase headline production in July by a combined 411,000 b/d.  
The decision to fast-track the return of idled capacity for the third consecutive month means the group could add as much as 1.4mn b/d to the global market between April and the end of July.
 Some of the eight countries involved are overproducing their quotas, meaning that the ultimate increase in OPEC+ output may be lower. But the new supply will test the resilience of the oil price, which has already been battered by the economic uncertainty generated by President Donald Trump’s tariffs. 
OPEC+ has been holding back supply since 2022 in an attempt to prop up prices. A cut of 2mn b/d across all OPEC+ members and a voluntary cut of 1.65mn b/d by eight members are due to remain in place until the end of 2026. A second voluntary cut of 2.2mn b/d by the same eight members was later imposed. This is the set of the curbs that is now being unwound.