OPEC+ agreed on another accelerated oil production increase in June

(Patria) - OPEC+ agreed to accelerate oil production increases for the second month in a row, increasing production in June by 411,000 barrels per day, the group announced on Saturday, agencies report.

After an online meeting that lasted just over an hour, the producers' group announced a supply increase, saying that oil market fundamentals are healthy and inventories are low.

Oil prices fell to a four-year low in April, below $60 a barrel, after OPEC+ announced a larger production increase for May, and US President Donald Trump's tariffs raised concerns about the weakness of the global economy.

In December, eight OPEC+ countries that were implementing the latest production cut of 2.2 million barrels per day agreed to gradually phase it out, with monthly increases of about 138,000 barrels per day from April 2025.

The June increase by the eight countries will bring the total combined increase for April, May, and June to 960,000 barrels per day, representing a 44 percent reduction of the 2.2 million barrels per day cut, according to Reuters calculations.

Brent crude oil futures lost more than one percent on Friday to $61.29 a barrel, as traders braced for more oil from OPEC+.