Eight-member countries of the OPEC+ alliance have announced plans to boost oil production starting June, with a collective increase of 411,000 barrels per day.
The participating nations—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—have confirmed the move in a joint statement, emphasizing that the gradual increase may be paused or reversed depending on shifting market dynamics, according to Al-Rai daily
The group also agreed to continue holding monthly meetings to assess market conditions, ensure compliance, and monitor compensation mechanisms. Their next meeting is scheduled for June 1, 2025, where they will decide on production levels for July.
Meanwhile, the price of Kuwaiti crude dropped by $2.41, settling at $62.41 per barrel, marking the sharpest weekly decline in recent months.
