OPEC+ countries have agreed to increase oil production. Here are new levels

OPEC+ countries agreed to increase oil production in June the second month in a row, this time at 411,000 barrels a day – the group said.

After the OPEC+ online meeting lasting just over an hour, he announced an increase in supply, stating that the basics of the oil market are healthy and the supplies are low.

Oil prices dropped to the lowest level in April in four years, below $ 60 per barrel, after OPEC+ announced more than expected to increase production in May, and US President Donald Trump's duties aroused concerns about global economic weakness.

Sources at OPEC+, cited by CNBC, said that Saudi Arabia presses on OPEC+to accelerate the withdrawal of earlier mining restrictions to punish other member states – Iraq and Kazakhstan – for poor compliance with production amounts.

The increases also occur after Trump's calls to OPEC+to increase production. Trump will visit Saudi Arabia at the end of May.

According to Reuters, the total increase in April, May and June will be 960,000 barrels a day.

Brent oil contracts lost over 1%on Friday to $ 61.29 per barrel, because investors were preparing for more oil than OPEC+.

OPEC+, which includes the organization of countries exporting crude oil and allies such as Russia, still limits the extraction of almost 5 million barrels a day, and many of the cuts are to apply until the end of 2026. The group plans to organize a full ministerial meeting on May 28. (PAP Biznes)

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