OPEC+ has agreed to boost oil production by 411,000 barrels per day in June, marking the second month in a row of increased output. This decision comes despite falling oil prices and concerns over weakening demand.

Oil prices dropped to a four-year low in April, dipping below 60 Dollars per barrel. This was due to larger-than-expected production increases and growing global economic worries, especially after new U.S. tariffs.

Saudi Arabia is reportedly pushing for faster production increases to penalize Iraq and Kazakhstan for not sticking to agreed output limits. The decision also follows pressure from U.S. President Donald Trump, who urged OPEC+ to raise production ahead of his visit to Saudi Arabia later this month.