OPEC+ Poised for Oil Output Surge Amid Economic Concerns

The article discusses an impending decision by eight OPEC+ countries to increase oil output in June, following a previous hike in May. The decision aims to unwind recent output cuts amidst falling oil prices and economic slowdown fears. Compliance issues with Kazakhstan and Iraq are highlighted.

Eight OPEC+ nations are expected to approve an accelerated oil output hike for June during a meeting on Saturday, according to four sources familiar with the situation.

This follows a previous increase of 411,000 barrels per day in May, which contributed to driving oil prices to a four-year low, compounded by U.S. trade tariffs.

Oil prices dropped by over 1% on Friday amid worries of an economic slowdown triggered by U.S.-China trade tensions, with reports indicating internal dissent within OPEC+ over compliance issues.