OPEC+ Elevates Oil Output Amid Market Challenges

OPEC+ has decided to increase oil production by 411,000 barrels per day in June, maintaining an upward trend from May despite falling prices. This decision follows calls from U.S. President Donald Trump and comes as the group addresses compliance issues, especially concerning Iraq and Kazakhstan.

In a bid to stabilize the oil market amidst global economic uncertainties, OPEC+ has announced a significant increase in oil production for June, raising output by 411,000 barrels per day. This marks the second consecutive month of production hikes as the group contends with dropping oil prices and anticipated weaker demand.

Oil prices plummeted to a four-year low in April, spurred by a larger-than-expected production boost for May and lingering concerns over potential global economic downturns due to U.S. trade policies. Saudi Arabia, a leading force within OPEC+, is reportedly advocating for a swift reversal of previous output cuts, targeting non-compliant members like Iraq and Kazakhstan.

Despite these challenges, the planned increase brings the total production rise for April through June to 960,000 barrels per day, significantly impacting oil markets. With a full OPEC+ ministerial meeting scheduled for late May, the organization's ongoing efforts to regulate output will be closely scrutinized.

(With inputs from agencies.)