Opec’s decision to increase oil output limits by 500,000 barrels per day (bpd) from August is firm and will not be reviewed at a meeting of cartel ministers on July 21, Saudi Oil Minister Ali Al Naimi said.

The Middle East Economic Survey (MEES) quoted Naimi as saying the decision was “not up for review” in Vienna and that Opec would only “assess the supply/demand balance and general oil market conditions.” He said the August increment had already been made available in physical barrels.