Eight key members of the OPEC+ alliance are expected to approve another accelerated oil output hike for June during their virtual meeting on Saturday, according to four sources cited by Reuters. The likely move follows the group’s larger-than-planned increase of 411,000 barrels per day (bpd) in May — a decision that, alongside U.S. tariff actions, helped drag oil prices to a four-year low below $60 per barrel.
The June output decision meeting was rescheduled from Monday to Saturday, and the sources indicated a production increase similar to May’s is on the table.
Brent crude futures fell 1.4% on Friday, closing at $61.29 per barrel, as traders anticipated further OPEC+ supply and reacted to weakening demand forecasts amid ongoing trade tensions between the United States and China.
Meanwhile, Saudi Arabia — OPEC’s de facto leader — has reportedly told allies and energy stakeholders that it does not intend to shore up oil markets with deeper supply cuts, particularly in light of non-compliance by member states including Kazakhstan and Iraq.
“Compliance again appears to be the key focus, with Kazakhstan and Iraq continuing to miss their compensation targets, alongside Russia to a lesser extent,” said Helima Croft, head of global commodity strategy at RBC Capital Markets. While she noted that a final decision had not yet been made, “discussions appear to be leaning in the direction of another three-month increase.”
OPEC+ — a coalition comprising the Organization of the Petroleum Exporting Countries and major producers such as Russia — is currently implementing cuts exceeding 5 million bpd. Many of these curbs are scheduled to remain in place through the end of 2026. A full ministerial meeting of the group is scheduled for May 28.
