Eight OPEC+ member countries, including Saudi Arabia and Russia, have announced a substantial increase in oil production for June 2025. The group will raise output by 411,000 barrels per day much higher than the initially planned 137,000 barrels—despite already low global oil prices.
This decision marks a major shift in strategy for the 22-member alliance, which had previously limited supply to prop up prices. Experts suggest the move signals a pivot towards gaining market share after years of production cuts.
“OPEC+ has just thrown a bombshell at the oil market,” said Jorge Leon of Rystad Energy. “This is a clear sign that the Saudi-led alliance is changing course.”
The move also aligns with calls from U.S. President Donald Trump, who earlier urged Saudi Arabia to increase production to help lower prices. Last month, OPEC+ had slightly reduced its oil demand growth forecast due to global economic concerns.
The eight countries agreeing to the additional production hike are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman
OPEC+ was originally formed in 2016 to bolster the group’s influence in the global oil market.
AFP
