OPEC+ agrees another accelerated oil output hike for June

OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411 000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.

- REUTERS

Following an online meeting lasting just over an hour, the producer group announced the supply increase, saying the fundamentals of the oil market were healthy and inventories were low.

Oil prices fell to a four-year low in April below $60 per barrel after OPEC+ announced a bigger-than-expected production boost for May, and as U.S. President Donald Trump's tariffs raised concerns of global economic weakness.

OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas.