Eight key members of the OPEC+ alliance, including Saudi Arabia and Russia, have announced a significant rise in oil output for June, defying concerns over falling prices. The group will release 411,000 additional barrels per day—well above the previously expected 137,000 barrels.
The move marks a sharp policy shift from recent strategies that favoured supply cuts to stabilise prices. Until now, the 22-member bloc, many of them heavily reliant on oil revenue, had deliberately kept millions of barrels in reserve to maintain market tension.
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Analysts suggest the latest decision could put further downward pressure on prices already weakened by global economic uncertainty and US tariff measures. The group had only recently revised its oil demand growth forecast downward.
The OPEC+ format was established in 2016 to give oil producers greater clout. However, with output now surging, it appears economic pressures are beginning to override long-held production restraint.
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