LONDON: Several OPEC+ members will suggest accelerating oil output hikes in June for a second consecutive month, three sources familiar with the matter told Reuters.
Oil prices fell to a four-year low in April, weakened by a U.S.-China trade war and the unexpected decision by OPEC+, which brings together OPEC and other major producers such as Russia, to increase output by 411,000 barrels per day of oil in May. The figure was three times more than the group originally planned.
Eight OPEC+ countries will meet on May 5 to decide the June output plan.
OPEC cuts global oil demand growth forecasts
The three sources, speaking on condition of anonymity, said some members wanted to increase output by a similar volume to that agreed for May, which already stoked tensions between members that are sticking to targets and those that are exceeding them.
The Organization of the Petroleum Exporting Countries and the Saudi Arabian authorities did not immediately respond to Reuters’ requests for comment.
Comments
Comments are closed for this article.