Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, adding to fears of oversupply of crude.
OPEC+ member countries announced that they would increase oil production in June.
Saudi Arabia, Russia, and six other members of the oil-producing countries will implement a production adjustment of 411,000 barrels a day in June, up from May’s 137,000 barrels.
The group says the decision was after the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), met virtually to review global market conditions and outlook.