Vienna: Delegates reported that the main OPEC+ alliance countries are discussing another increase in oil production by about 400,000 barrels per day in June, ahead of a video conference to determine production policy on Saturday. The Alliance, led by Saudi Arabia and Russia, surprised oil traders last month with an increase of 411,000 barrels per day, three times the originally planned amount, in an attempt to punish members who produce more than their quotas.

According to National Iraqi News Agency, the delegates, who requested anonymity due to the confidentiality of the talks, said they are considering repeating the move next month. Despite prices falling to a four-year low below $60 a barrel last month, some OPEC+ countries that produce above their quota, such as Kazakhstan, have not made sufficient efforts to improve their compliance.

Brent futures extended their losses after the report on the talks, falling 1.7% to $61.12 at 6:10 p.m. London time. In the United States, West Texas Intermediate crude briefly dipped below $58.