OPEC+ Meeting Accelerated: Implications for Global Oil Markets

Eight OPEC+ countries have moved their meeting to plan June's oil production policy from Monday to Saturday. They are debating whether to adopt a larger oil output hike. Last month, Saudi Arabia's push led to increased output, dropping oil prices to a four-year low.

In a sudden change, eight OPEC+ countries have rescheduled their upcoming meeting to discuss oil production policy in June. Originally planned for Monday, the meeting will now occur on Saturday, according to sources familiar with the situation.

The reasons behind this schedule shift remain unclear, but insiders indicate that the group will discuss whether to pursue another accelerated increase in oil output for June or maintain a more modest boost as initially planned.

In May, Saudi Arabia advocated for a significant increase in oil output, driving prices below $60 a barrel, a four-year low. This month's output target is 411,000 barrels per day, significantly surpassing prior agreements. Discussions continue on whether to implement a similar strategy for June.

(With inputs from agencies.)