OPEC+ agrees on another accelerated output hike for June

Oil prices have fallen to a four-year low as trade war makes impact

A drilling rig at the Zhetybay field in Kazakhstan. Riyadh has been angered by the country producing above its OPEC+ target. © Reuters

May 3, 2025 21:31 JST

LONDON/DUBAI (Reuters) -- Eight OPEC+ countries meeting on Saturday agreed to a further accelerated oil output hike for June of 411,000 barrels per day, two sources told Reuters while an online meeting of the countries was underway.

Last month, the eight countries made a larger-than-planned output hike for May, also of 411,000 barrels per day. Together with U.S. trade tariffs, the decision helped to drive oil prices below $60 a barrel to a four-year low.