Led by OPEC kingpin Saudi Arabia, the OPEC+ energy alliance swiftly agreed in late March to raise its output targets for May.
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Oil producer group OPEC+ on Thursday agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and shortly after the world’s largest trading bloc outlined proposals for new sanctions against Russian crude.
The influential energy alliance of OPEC and non-OPEC partners decided to raise production targets by 432,000 barrels per day for next month, sticking to an existing strategy of gradually unwinding record supply cuts.
OPEC+ will hold its next meeting on June 2.