OPEC+ countries to hike oil production in June, implement adjustment of 411,000 barrels a day

Eight OPEC+ member countries on Saturday announced a sharp increase in oil production for the month of June, at the risk of driving down already very low prices.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, will implement a production adjustment of 411,000 barrels a day out of the ground, as in May.

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This is equivalent to three monthly increments; the gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability, according to a statement.

This is different from the initial plan, which called for an increase of just 137,000 barrels.