OPEC+ moves up meeting as oil prices continue to drop: What to know
Saudi Arabia has signaled it is willing to live with lower oil prices as US President Donald Trump calls for more production.
The OPEC+ group of oil producers will reportedly meet Saturday to determine production levels for June as Gulf producers navigate falling prices against the backdrop of President Donald Trump's universal tariff policy.
Bloomberg reported on Friday that OPEC+ will hold its videoconference on June production on Saturday, two days earlier than originally scheduled. On Wednesday, the outlet reported that traders are expecting the cartel to further boost supply, with some expecting a figure close to the 411,000-barrels-a-day hike announced last month. Other traders told Bloomberg they expect a smaller increase.
It was not clear why the meeting was brought forward. OPEC did not immediately respond to Al-Monitor's request for comment.
OPEC+ is a group of oil producers that includes members of the Organization of the Petroleum Exporting Countries and other major producers, notably Russia. Saudi Arabia, the biggest oil producer in OPEC and Russia are considered the leaders of OPEC+.
