OPEC+ to convene on May 3 to set June output policy

  03 May 2025    Read: 284
OPEC+ to convene on May 3 to set June output policy

Eight OPEC+ countries will meet on Saturday to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned, according two sources with knowledge of the matter, AzVision.az reports, citing Reuters.

The meeting was originally scheduled to take place on Monday (May5). It was not immediately clear why it had been brought forward.

Last month, Saudi Arabia pushed for a larger-than-planned output hike from the eight members in May, a decision that helped send oil prices below $60 a barrel to a 4-year low.

The group is now expected to raise output by 411,000 barrels per day (bpd), three times the level agreed in December.

Riyadh has been angered by Kazakhstan and Iraq producing above their OPEC+ targets, sources said.

Oil prices fell below $60 a barrel again this week in part after Reuters announced that Saudi officials had told allies and analysts that the country was comfortable living with lower oil prices for longer.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is currently cutting output by over 5 million bpd.

The group plans to hold a full ministerial meeting on May 28.

 

AzVision.az


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