OPEC+ members are in talks over a potential new production increase at their upcoming meeting on June 1, Bloomberg News reported on Thursday.
Among the options being considered is a hike of 411,000 barrels per day (bpd) for July, though no final decision has been made, according to sources familiar with the discussions.
This follows an earlier Reuters report indicating that OPEC+ may accelerate output increases, potentially adding up to 2.2 million bpd to the market by November. The plan could include a faster ramp-up starting as early as July.