Despite oil prices lingering around $60 per barrel, OPEC+ is expected to continue ramping up production this week, following pressure from U.S. President Donald Trump and Saudi Arabia’s efforts to penalize members that have exceeded agreed quotas. Saudi Arabia, Russia, and six other members recently surprised markets by announcing a sharp increase in output for May and June, defying the traditionally cautious stance amid low prices.
Comprising 22 countries, most heavily reliant on oil revenues, OPEC+ has long leveraged supply cuts to prop up global prices. However, this week the group is taking a different approach, with two key meetings scheduled: a virtual session on Wednesday involving all member states to discuss strategy, and a follow-up meeting on Sunday with the “V8”, the eight countries that have made the deepest cuts in recent years..