SEVEN OPEC+ COUNTRIES HAVE AGREEMENT IN PRINCIPLE TO RAISE OIL OUTPUT QUOTAS FOR JUNE BY ABOUT 188,000 BPD, TWO SOURCES SAY

Seven OPEC+ countries have reached an agreement in principle to increase their oil output quotas by approximately 188,000 barrels per day in June, according to two sources cited by Reuters. The planned supply hike reflects a cautious response to strengthening demand and elevated price levels, signaling a modest shift in production discipline amid ongoing market tightness. This incremental increase will primarily affect crude oil pricing dynamics and OPEC+ cohesion, with Brent and WTI futures likely to face downward pressure if full compliance materializes. The move also highlights diverging interests within the cartel between producers seeking market share and those prioritizing price stability. Traders will watch the formal OPEC+ ministerial meeting scheduled for June 1 for confirmation of the quota adjustments and any revisions to longer-term production policy.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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