OPEC+ to increase oil output in June

The OPEC+ members agreed to raise oil production by 411,000 barrels per day in June.

The decision followed a virtual meeting held today, May 3, by the eight core members of the OPEC+ group—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—to review current oil market developments and future outlooks.

The eight OPEC+ member countries will hold monthly meetings to monitor market developments, assess compliance levels, and implement compensation plans. The next meeting is scheduled for June 1, 2025, to determine production levels for July.

It is worth noting that the OPEC+ alliance agreed in early April to increase oil supplies in May—equivalent to three monthly increments under its previous production plan. Eight key countries, including Saudi Arabia and Russia, approved a production increase of 411,000 barrels per day in May, with the increases also covering the following two months.