OPEC+ Moves Forward its Meeting to Saturday, Sources Say

(Reuters) – A meeting of eight OPEC+ countries to decide on their plan for oil production policy in June will now take place on Saturday instead of Monday as originally planned, three sources with knowledge of the matter told Reuters on Friday.

It was not immediately clear why the meeting was brought forward.

The eight OPEC+ members are weighing whether to make another accelerated oil output increase for June or stick with a smaller hike as per the original schedule, two sources said, speaking on condition of anonymity.

Last month, Saudi Arabia pushed for a larger-than-planned output hike from the eight members in May, a decision that helped send oil prices below $60 a barrel to a 4-year low. The hike for this month is now slated to be 411,000 barrels per day (bpd), three times more than was previously agreed.

Sources told Reuters last month, some members in the group were pushing for another accelerated hike for June.

Reporting by Alex Lawler, Maha El Dahan and Ahmad Ghaddar; Editing by Kirsten Donovan

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