OPEC+ Meets Early to Adjust Oil Output Plans

Eight OPEC+ countries will meet on May 31, a day earlier than planned, to discuss oil output cuts. The meeting is expected to confirm a 411,000 barrels per day increase for July, according to sources. This adjustment is significant for global oil market trends.

In an unexpected move, eight OPEC+ countries have rescheduled their meeting to May 31, a day earlier than initially planned. The shift aims to expedite discussions on voluntary oil output cuts.

According to three OPEC+ sources, the meeting is poised to finalize decisions regarding oil production for July. Insiders have previously communicated to Reuters that an increase of 411,000 barrels per day is anticipated.

This development is crucial for the global oil market, as it may set the stage for future production adjustments, reflecting the ongoing complexities in energy supply and demand dynamics.

(With inputs from agencies.)