OPEC+ agreed on a new increase in production in June, accelerating a revival of the offer for the second consecutive month, while the group leaders are trying to punish overproductors, in a strategy change that has already led to lower the prices of crude oil.
OPEC+ decided to increase with 411,000 barrels per day of the oil offer, in June. Photo shutterstock
The OPEC+Alliance, led by Saudi Arabia and Russia, agreed on Saturday to add 411,000 barrels a day since June 1, delegates said. The increase reflects a similar increase announced last month, when the group made the shocking decision to reduce the volume for the one planned for May, according to Bloomberg.
The growth, which is implemented by eight of the 22 member states of the oil alliance, was decided in an online meeting, the organization of the oil exporting countries announced in a statement.
“Eight Opec+countries, which have previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman), met virtually on May 3, 2025 to analyze the conditions and prospects of the global market market“, is mentioned in the statement.
“In the context of the current solid foundations of the market, reflected in low oil stocks “these eight countries, a key group of the Alliance consisting of 12 OPEC members and ten allied manufacturing nations, “will implement a (up) adjustment of 411,000 barrels per day in June 2025 “added the quoted source.
The level of growth is triple compared to the one initially established as a monthly growth. The initial plan, which entered into force on April 1, provided for a slow and constant increase over 18 months, starting in April, with monthly increases of about 137,000 barrels per day.
However, by Saturday's decision, together with that announced a month ago, these countries raised the offer with 959,000 BZ, thus completing, in only three months, almost half of the total provided.
This new OPEC+ policy surprised the markets, accustomed to the very cautious strategy that the Alliance from the crisis triggered in the Covid Pandemic sector, focused on recovering investors, ensuring a high level of prices.
The unexpected announcement of tripling the monthly growth from May 1, established in early April, after the “shock” caused by the US decision to increase taxes for imports, has exerted pressure on oil prices.
The quotation of the Brent oil barrel, for Europe, which lost over 15% of value in April, ended the session on Friday, at the London Stock Exchange, at $ 61.29, 1.35% less than the previous day's closure.
Similar was the cheap of Texas oil (WTI), which had a closing of $ 58.11, minus by 1.91% compared to Thursday and a weekly loss of about 8%.
According to analysts, Saudi Arabia shows that it can withstand a lower level of oil sales and in this way to exert pressure on other partners, such as Kazakhstan and Iraq, to adhere to the established quotas.
At the same time, OPEC is based on optimistic perspectives, with a growing demand in the holiday season. On the other hand, US President Donald Trump has already asked, in January, OPEC to undertake something to lower energy price, in order to alleviate inflation.
The relevant ministers from the eight mentioned countries will meet on June 1 “to decide the level of production in July”, points out the statement.
