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Despite falling prices, OPEC+ speeds up oil output hikes
Business Standard
|May 05, 2025
Oil prices are falling. Economists are cutting forecasts for global economic growth. Oil giants are reporting lower profits.
But on Saturday, eight countries that belong to the oil cartel known as OPEC+ said they would add about 411,000 barrels of oil a day in June. The move, which follows a similar step by the group to increase oil production at their April meeting, is a major shift in policy that will ripple through the wider energy industry, hitting profits of oil companies and forcing cutbacks.
The group said in a statement that the market was "healthy" and noted that oil inventories remained low.
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