OPEC+ Approves Another Accelerated Oil Output Hike For June

OPEC+ has agreed to increase oil production for a second consecutive month, raising output by 411,000 barrels per day in June, the group announced.

The June hike will bring the total combined increase for April, May, and June to 960,000 barrels per day.

The decision comes despite falling oil prices and projections of softer global demand, Reuters reported.

Following a brief online meeting, the producer alliance stated that oil market fundamentals remain healthy and inventories are low. Oil prices dipped to a four-year low in April, dropping below $60 per barrel, after OPEC+ unveiled a larger-than-expected production increase for May.

This was compounded by concerns over economic weakness sparked by U.S. President Donald Trump's tariffs.

The June hike will bring the total combined increase for April, May, and June to 960,000 barrels per day, or approximately 44% of the 2.2 million bpd cuts that OPEC+ previously enacted, according to Reuters estimates.

Sources within OPEC+ indicated that Saudi Arabia is pushing to speed up the rollback of output cuts as a means to pressure Iraq and Kazakhstan over non-compliance with production quotas.

The increases also follow renewed calls from Trump for the group to boost supply ahead of his planned visit to Saudi Arabia later this month.

In December, eight OPEC+ nations had agreed to gradually phase out their collective 2.2 million bpd cut through modest monthly increases of around 138,000 bpd beginning April 2025.