The oil trader expects OPEC+ to increase oil supply again under Saudi leadership.

Saudi Arabia continues to take action to punish OPEC+ non-compliant member countries, while oil traders expect Saudi Arabia to lead OPEC+ in reaching a consensus next week on another increase in supply. Traders and analysts believe that OPEC+ main member countries may agree during a video conference on May 5 to increase production in June, with the increase far exceeding the original plan. Earlier this month, Saudi Arabia pushed for an increase of 411,000 barrels per day in May, three times the planned amount, which surprised oil traders. Representatives stated that this move aimed to punish the over-producing member countries Kazakhstan and Iraq by lowering prices.