Eight OPEC+ oil producers agree to further output increase from June

Eight countries from the OPEC+ group, made up of members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, agreed today to a further increase in production from June, by 411.000 barrels per day. OPEC said in a press release.

The producers are continuing to gradually increase production. Most recently, they raised it from May, also by 411.000 barrels per day. In December 2024, the countries agreed to gradually increase production.

The meeting was attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These countries also pledged to meet for further talks on 1 June, when they will agree on any further production adjustments from July.

Reuters highlighted tensions between Saudi Arabia on one side and Iraq and Kazakhstan on the other. Riyadh has accused its partners of producing more than agreed within OPEC.

The previous decision to significantly increase production from May, together with extensive US tariffs, contributed to a slump in oil prices. In April, they fell to four-year lows of below 60 dollars per barrel. North Sea Brent closed this week below USD 61.30 per barrel.