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(Bloomberg) — OPEC+ members are discussing whether to agree on another super-sized production increase at their meeting on June 1, potentially making it the third consecutive month in which the group would add extra barrels to the market.
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An output hike of 411,000 barrels a day for July — three times the amount initially planned — is among options under discussion, although no final agreement has yet been reached, delegates said, asking not to be named because the information is private.
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That’s the same amount that the cartel is adding to the market this month and next, having accelerated its planned supply revival in a bid to punish OPEC+ quota cheats by driving down prices. Group leader Saudi Arabia warned overproducing members at their last meeting that it could amplify a historic shift in policy and deliver further production increases unless they fall in line.
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Coinciding with the launch of President Donald Trump’s trade war in April, the surprise supply hikes from OPEC+ initially took a brutal toll on oil prices, sending crude to a four-year low near $60 a barrel in London. Futures have recovered since then as the White House rolled back some of its tariffs, with Brent trading just below $65 on Thursday.
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Even so, many forecasters now have a bearish outlook for the market this year. Last week, the International Energy Agency predicted that global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds.”
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