OPEC+ Nations Push for Accelerated Oil Output Hike Amid Market Volatility

OPEC+ is planning an accelerated oil output increase of 411,000 bpd for June. This follows a rise in May, amidst falling oil prices due to a U.S.-China trade war. Compliance issues with Kazakhstan and Iraq have been highlighted, with further plans for a ministerial meeting at month end.

OPEC+ countries are set to increase oil production by 411,000 barrels per day for June, following a similar hike in May. This comes as oil prices continue to fall amid an economic slowdown spurred by U.S.-China trade tensions.

Brent crude closed at $61.29 a barrel, with Saudi Arabia unwilling to stabilize the market through supply cuts. Kazakhstan and Iraq have failed to meet output targets, complicating the discussions.

OPEC+ plans to continue output reductions until the end of 2026 as they address compliance issues, planning a ministerial meeting on May 28 to further discuss strategies.

(With inputs from agencies.)