OPEC+ Agrees on Another Oil Output Increase in June

Key nations led by Saudi Arabia and Russia agreed on Saturday to add 411,000 barrels a day next month, the delegates said

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DUBAI: OPEC+ agreed on another output surge in June, accelerating a revival of supply for a second month as the group's leaders seek to chastise overproducing members in a strategy shift that has already sent crude prices plunging.

Key nations led by Saudi Arabia and Russia agreed on Saturday to add 411,000 barrels a day next month, the delegates said, asking not to be identified discussing private information. The hike mirrors a similar increase announced last month, when the group made the shock decision to bring back triple the planned volume for May, Bloomberg reported.

Crude traders had already been bracing for a large increase after Saudi Arabia signaled in recent weeks that it was willing to accept a prolonged period of low oil prices. But it builds on a dramatic reversal in recent months from the cartel's long-standing position of defending oil prices, raising questions about the future of the alliance and spurring speculation about a price war.