OPEC+ countries have agreed to boost oil production in June by 411,000 barrels per day (bpd). This increase, combined with previous hikes in April and May, will add nearly 1 million bpd to global output. The move is expected to put downward pressure on oil prices.
Saudi Arabia has expressed dissatisfaction with the low level of compliance among OPEC+ countries, according to sources. Despite this, the group’s decision aims to stabilize the energy market.
Oil analysts predict that falling oil prices will be a reality by Monday, given the recent increase in production.
Source: https://www.reuters.com/business/energy/opec-set-make-another-accelerated-oil-output-hike-june-sources-say-2025-05-03