OPEC+ countries are likely to agree to further increase production in June at their meeting on Saturday, May 3, pushing oil prices down, Reuters reported, citing sources.
The sources said the meeting would result in an increase in production. The market is also expecting such a decision - oil prices fell more than 1% on Friday, as traders braced for an increase in supply from OPEC+.
The eight countries increased oil production in May by 411,000 barrels per day more than planned. The decision, along with US trade tariffs, helped push oil prices below $60 a barrel to a four-year low.
Recall that Saudi Arabia, the leader of OPEC+, officially informed allies and industry representatives that they do not want to maintain market balance by reducing their supplies. This is being used by other countries, including Kazakhstan and Iraq, which are producing oil in excess of the planned volumes within OPEC+.
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