Eight OPEC+ countries reported an increase in oil production in June

OPEC+ countries participating in voluntary production reduction agreements will increase production by 411,000 barrels per day in June 2025. The organization announced this on its website on May 3.

"Taking into account the current favorable market conditions reflected in low oil reserves, and in accordance with the decision taken on December 5, 2024, to begin a gradual and flexible return to voluntary adjustments of 2.2 million barrels per day, starting on April 1, 2025, eight participating countries will adjust production from 411 thousand barrels per day. barrels per day in June 2025 compared to the required production level in May 2025," the organization said in a press release.

At the same time, it is noted that the gradual increase may be suspended or canceled depending on changing market conditions. In addition, the participating countries will hold monthly meetings to review market conditions and compensation.

A meeting will be held on June 1 this year to decide on production levels in July.

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Earlier, on May 2, Bloomberg reported that OPEC+ countries discussed the possibility of increasing production by 400,000 barrels per day in June.