OPEC+ Accelerates Oil Output Amid Economic Concerns

Eight OPEC+ nations agreed to increase oil output in June by 411,000 bpd. This follows a similar increase for May. The decision, amidst US-China trade tensions, has contributed to lower oil prices. Compliance with production targets remains a contentious issue within the group.

Over the weekend, eight OPEC+ nations convened to accelerate oil production by an additional 411,000 barrels per day for June, as reported by sources during an ongoing online meeting.

This decision follows a similar output hike in May and has contributed to bringing oil prices to their lowest in four years, alongside effect of U.S. trade tariffs.

Saudi Arabia, OPEC+'s leading figure, is reportedly unwilling to further bolster the market, as issues of compliance with production targets, notably from Iraq and Kazakhstan, continue to loom over the organization.

(With inputs from agencies.)