°®¶¹´«Ã½

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.

OPEC+ gathered online May 28 to ratify its current groupwide production quotas, ahead of a decision by eight key members this weekend whether to bolster output again in July.

OPEC+ agreed to surge output again in June, as the group’s leaders continue an accelerated revival of supply aimed at punishing overproducing members that has sent crude prices plunging.

OPEC+ agreed to make a larger than expected oil supply hike in May, deepening the slump in oil prices triggered by President Donald Trump’s tariffs.

Global oil demand is under pressure from the escalating trade war at the same time that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said.

Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of Saudi Aramco.

Brazil’s government on Feb. 18 approved joining OPEC+, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit.

OPEC+ didn’t make any changes to its existing oil production plans at a review meeting Feb. 3, even as President Donald Trump called on the group to lower crude prices.

Oil traders expect OPEC+ to stick with its current supply policy at a review meeting next week, resisting pressure from President Donald Trump to open the taps and bring down crude prices.

U.S. President Donald Trump has raised the stakes for a meeting of an OPEC+ ministerial panel next month, with his call for the group to lower oil prices.