Seven OPEC+ members have agreed in principle to lift global oil production by 188,000 barrels per day starting in June, Reuters reported on Saturday. The decision follows months of talks among alliance members seeking to balance supply and price stability.

The move signals a modest but decisive adjustment after earlier cuts that squeezed supply in 2023. By raising output, the group aims to curb excess inventory that has pressured prices and to keep the market from overshooting demand forecasts.

Market watchers interpret the hike as a sign that OPEC+ will not extend its current production cuts indefinitely. Investors anticipate tighter supply curves, which could support Brent prices around the $90‑$95 range.

Business leaders in energy sectors will monitor the adjustment closely, as it directly affects refinery throughput and downstream pricing strategies. The agreed increase represents a clear shift in the alliance’s supply policy for the coming months.