OPEC+ Schedules Advanced Increase in Oil Output for June
May 2025
• OPEC+ member states are set to increase oil production by 411,000 barrels per day in June.
• The combined production increases for April, May, and June amount to nearly 1 million barrels per day.
• According to analysts, oil prices are expected to decline on Monday.
LONDON/DUBAI, May 3 (Reuters) – The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, have agreed to accelerate oil production increases for a second consecutive month, announcing a planned output rise of 411,000 barrels per day for June, despite declining prices and forecasts of weakened demand. The decision followed a virtual meeting lasting just over an hour, during which the group emphasized that market fundamentals remain sound and global oil inventories are at relatively low levels.
Crude oil prices declined to a four-year low in April, dropping below $60 per barrel, following OPEC+’s announcement of a larger-than-anticipated production increase for May. This price dip was further exacerbated by concerns over global economic growth, particularly in response to tariffs imposed by U.S. President Donald Trump. On Friday, Brent crude futures fell by over 1%, settling at $61.29 per barrel, as market participants anticipated additional supply from OPEC+.
Despite the planned increase, OPEC+ continues to implement production cuts totaling nearly 5 million barrels per day, with many of these curbs expected to remain in effect until the end of 2026. The group is scheduled to convene for a full ministerial meeting on May 28.
Source: Reuters
