The Organization of the Petroleum Exporting Countries (OPEC) reconfirmed on Thursday its production adjustment plan, stating it will increase oil output by 432,000 barrels per day (bpd) in June.
The oil-producing countries agreed that "continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market," pointing out that the COVID-19 pandemic and geopolitical factors continue to affect the market.
The next OPEC+ meeting will be held on June 2.
