OPEC+ agrees to accelerate oil output increase
The OPEC and its allies have agreed to accelerate oil production increases for the second consecutive month, raising output by 411,000 barrels per day (bpd) in June
Reuters
Monday, 5 May 2025
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to accelerate oil production increases for the second consecutive month, raising output by 411,000 barrels per day (bpd) in June. Reuters reported that this could bring up to 2.2 million bpd back to the market by November.
June's increase will bring the total combined production hikes for April, May, and June to 960,000 bpd, representing a rollback of 44% of the 2.2 million bpd in cuts agreed upon since 2022, according to the agency's calculations.
The decision follows a surprise move in April to approve a larger-than-expected production boost for May, despite weak prices and slowing demand.