OPEC+ Agrees Another Supply Surge in June to Deepen Oil Rout
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OPEC+ agreed to surge output again in June, as the group’s leaders continue an accelerated revival of supply aimed at punishing over-producing members that has sent crude prices plunging.
Key nations led by Saudi Arabia and Russia agreed to add 411,000 barrels a day next month, according to a statement on OPEC’s website following a video conference on Saturday. The hike mirrors a similar increase announced last month, when the group made the shock decision to bring back triple the planned volume for May.