OPEC+ Deliberates on Oil Output Hike Amid Price Fluctuations

Eight OPEC+ countries will convene to decide on an accelerated oil output hike for June. The scheduled meeting was advanced unexpectedly, with Saudi Arabia advocating for a larger hike in May, impacting oil prices. The group is under pressure due to some members exceeding targets.

In a crucial meeting on Saturday, eight OPEC+ countries are set to decide on whether to implement an accelerated oil output hike for June or stick to their original plans, as confirmed by sources familiar with the situation.

The meeting was originally slated for Monday but was unexpectedly moved forward, though the reasons remain unclear. Last month, Saudi Arabia successfully advocated for an increased output that influenced oil prices to drop below $60 a barrel, marking a four-year low.

The proposed hike involves an output increase of 411,000 barrels per day, which is three times the level set in December. Notably, the decision comes amid tensions with Kazakhstan and Iraq, who have been exceeding their OPEC+ targets. The larger group, OPEC+, is currently cutting output by over 5 million barrels per day and is set to have a full ministerial meeting on May 28.

(With inputs from agencies.)