OPEC+ Agrees to Second Consecutive Oil Output Hike, Adding 411,000 Barrels per Day in June

Vienna, The Gulf Observer: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to a second consecutive monthly oil production increase, confirming an additional 411,000 barrels per day (bpd) in June 2025, following a similar increase in May.

The decision was made during an online ministerial meeting on Saturday, where the eight participating OPEC+ countries—Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—reaffirmed their commitment to a gradual and flexible return of voluntary output adjustments originally set at 2.2 million bpd.

“In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, the participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level,” the group said in a joint statement.

The June increase mirrors the May hike, signaling OPEC+’s cautious confidence in the market’s ability to absorb additional supply despite ongoing global economic uncertainty, notably stemming from a trade war between the U.S. and China. Concerns over slowing demand have prompted analysts to revise down their global oil demand forecasts for the year.

Oil prices dipped over one percent on Friday ahead of the announcement, reflecting market apprehensions over both supply increases and economic headwinds.

OPEC+ emphasized that the increase is part of a three-month adjustment plan, noting that the pace of output hikes remains subject to change. “The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” the statement read.

The alliance also confirmed its intention to compensate for any overproduction since January 2024 and reiterated its commitment to the Declaration of Cooperation, monitored by the Joint Ministerial Monitoring Committee (JMMC).

The group is scheduled to meet again on June 1 to review market conditions and decide on production levels for July.