Saudi Arabia plans to boost oil output amid oversupply by other OPEC+ members

Saudi Arabia has warned OPEC+ members who are not complying with production quotas, particularly Kazakhstan and Iraq, that it may increase oil output if they continue to violate agreements, according to Bloomberg.

OPEC+ recently agreed to raise oil production by 411,000 barrels per day in June, with Riyadh aiming to offset costs caused by previous overproduction. Bloomberg notes this signals a shift in the cartel’s priorities toward stricter discipline.

Originally, OPEC+ planned to gradually restore 2.2 million barrels per day of suspended production in small monthly increments through the end of 2026. Now, the group intends to bring back nearly half that volume within a few months.

Meanwhile, oil prices in London dipped to nearly $60 per barrel, hitting a four-year low amid rising supply and US-China trade tensions. The decline underscores growing concerns about global demand amid increased output.