OPEC+ Accelerates Oil Supply Hikes Despite Low Prices

OPEC+ announced a bigger-than-expected oil production increase for June—adding 411,000 barrels per day—despite crude prices hovering near four-year lows around $61 per barrel. This second consecutive output boost accelerates the group’s prior schedule for gradually unwinding pandemic-era cuts. Saudi Arabia led the proposal, apparently to discipline members who haven’t complied with earlier quotas, and also to appease US calls for more supply to keep gas prices low. Many OPEC+ countries prefer higher prices, but the alliance is prioritizing market share and unity. Analysts predict further softening of oil markets if demand remains tepid due to global economic uncertainties. Consumers may benefit from stable or lower fuel costs, though unpredictability remains if any geopolitical event disrupts supply.