OPEC+ Discusses 400,000-Barrel Production Hike Ahead of Call

Key OPEC+ nations are discussing making another production increase of roughly 400,000 barrels a day in June ahead of a video-conference to set policy on Saturday, delegates said.

The group led by Saudi Arabia and Russia stunned oil traders with a 411,000 barrel-a-day hike that was triple the amount originally planned for May, in an apparent bid to discipline its over-producing members. They’re considering doing the same again next month, said the delegates, who asked not to be identified as the talks are private.