OPEC+ approves another oil production surge in June

OPEC+ approved today, May 3, another output surge in June, Bloomberg reported.

Key nations led by Saudi Arabia and Russia agreed to add 411,000 barrels per day (pbd) next month, the delegates said.

The hike mirrors a similar increase announced last month, when the group made the shock decision to bring back triple the planned volume for May. 

In early April, the group agreed to increase oil supplies in May, the equivalent of three monthly tranches from its previous plan to revive output. Eight countries, most notably Saudi Arabia and Russia, agreed to raise output by 411,000 bpd in May, with the increases covering May and an additional two months.