OPEC+ Increases Oil Production by 411,000 BPD in June Despite Price Declines

OPEC+ has decided to increase oil production by 411,000 barrels per day in June, marking the second consecutive monthly output hike despite a sharp decline in global oil prices and weak demand forecasts. This move represents a significant policy shift, as the group previously prioritized production cuts to support prices, but now appears to be pursuing market share amid growing frustration with uneven compliance among member states such as Kazakhstan and Iraq. The decision comes against the backdrop of Brent crude prices falling to a four-year low, influenced by increased OPEC+ supply and ongoing U.S.-China trade tensions. Saudi Arabia, the bloc's de facto leader, has signaled reluctance to implement further cuts, particularly given its disproportionate share of previous reductions and continued non-compliance by some members. OPEC+ emphasized that future production adjustments remain flexible and will be reviewed monthly, with the next decision set for June 1. The group continues to navigate internal tensions and external market pressures as it adapts its strategy to evolving global energy dynamics.