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Market Chatter: OPEC+ to Reportedly Increase Crude Output Quotas in June

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The Organization of the Petroleum Exporting Countries and allies, such as Russia, or OPEC+, will reportedly increase its oil production levels in June, Reuters reported on May 2, citing sources.

The sources said that the group plans to raise targets by 188,000 barrels per day at its Sunday meeting, which would include Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. They added that the move is part of its plan to signal a business-as-usual approach amid the conflict in the Middle East.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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