OPEC+ agrees another accelerated increase in oil exit for June

London/Dubai: OPEC+ agreed to accelerate oil production increases for a second consecutive month, increasing production in June by 411,000 barrels a day, the team said on Saturday, despite reduced prices and expectations of weaker demand.

After an electronic meeting that lasts just over an hour, the producer team announced the increase in supply, saying that the basics of the oil market were healthy and the stocks were low.

Oil prices have fallen to a four -year low in April below $ 60 per barrel, after OPEC+ announced greater than the expected impulse of production for May and, as US President Donald Trump invoices have been concerned about global financial weakness.

OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the clearance of previous production cuts to punish Iraq’s colleagues and Kazakhstan for poor compliance with their production quotas.

Hiking also follow the calls from Trump to OPEC+ to increase production. Trump will visit Saudi Arabia later in May.

In December, eight OPEC+ countries implementing the most recent decline in the Group’s production by 2.2 million BPDs have agreed to gradually gradually increases about 138,000 BPDs since April 2025.

June’s increase from eight will get the total combined increase for April, May and June to 960,000 BPD, which represents a 44% clearing of the 2.2 million BPD cuts, according to Reuters calculations.

The Brent Futures Futures LCOC1 lost more than 1% on Friday at $ 61.29 a barrel, as traders were supported by OPEC+.

Oil prices will be reduced on Monday due to OPEC+ news amid commercial tensions and concerns about economic growth, UBS analyst Giovanni Staunovo said.

“We continue to call this” management “relaxing of cuts and not a market share race,” he said.

Reuters said this week that officials from Saudi Arabia, the De Facto leader of OPEC+, have informed allies and industry officials that they do not wish to support oil markets with further supply cuts.

“Compliance again seems to be the main focus, while Kazakhstan and Iraq continue to lose their compensation goals, along with Russia to a lesser extent,” said Helima Croft of RBC Capital Markets.

Kazakhstan defied OPEC+ this month when the Energy Minister said he would prioritize national interests over those of the OPEC+ team when he decides on oil production levels. The oil production of April in Kazakhstan exceeded the quota of OPEC+ despite a 3%drop.

OPEC+, which includes the organization of oil export countries and allies, such as Russia, continues to reduce production by nearly 5 million BPDs and many of the cuts will remain in force until the end of 2026. The team plans to hold a full ministerial meeting on May 28.