ALBAWABA - OPEC+, the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC oil-producing nations, is considering increasing daily oil production by approximately 400,000 barrels per day.
OPEC+ wants to increase daily production
According to sources, OPEC+ is discussing the final decision on boosting daily production to approximately 400,000 barrels per day in June 2025, ahead of their video conference on Saturday.
Notably, Saudi Arabia and Russia proposed starting the production boost this month with an increase of about 411,000 barrels per day—nearly triple the original amount—aiming to address the issue of over-producing members.
Brent crude futures declined by 1.7% to $61.12 following the news, while West Texas Intermediate (WTI) dropped below $58. (Shutterstock)
It is worth noting that crude oil prices fell to nearly $60 a barrel last month. According to sources, OPEC+'s decision will be supported by US President Donald Trump, who has long advocated for lower crude production prices.
Brent crude futures declined by 1.7% to $61.12 following the news, while West Texas Intermediate (WTI) dropped below $58.
