Eight OPEC+ nations 鈥� Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman 鈥� will boost oil production by 411,000 barrels per day (bpd) in June, compared to May levels, as part of a plan to gradually unwind voluntary output cuts, the group said Saturday following a virtual meeting.
OPEC stated that low oil inventories continue to signal healthy market fundamentals, supporting the gradual rollback of voluntary supply reductions.
The June increase is part of a phased return of 2.2 million bpd in voluntary cuts, a process first outlined in a decision made on December 5, 2024. The 411,000 bpd adjustment reflects the cumulative total of three monthly increments.
OPEC+ noted that the pace of the production increase could be paused or reversed, depending on evolving market conditions. The next meeting, set for June 1, will determine output levels for July.鈥嬧嬧嬧嬧嬧嬧�
- Oil falls to four-year lows
On April 3, the group confirmed it would begin lifting the voluntary cuts starting in May, with a 411,000 bpd increase. That move, coupled with US trade tariffs, pushed oil prices below $60 a barrel 鈥� their lowest point in four years.
By Duygu Alhan and Firdevs Yuksel
Anadolu Agency