OPEC's June production meeting has been moved up to Saturday, with traders expecting a surge in supply.

OPEC representatives stated that the online meeting to discuss June production levels has been moved up to Saturday. The meeting, originally scheduled for May 5th, could determine the direction of oil prices in the coming weeks. Most traders expect OPEC's supply to increase once again. Last month, the alliance led by Saudi Arabia and Russia pushed OPEC+ to increase daily production by 411,000 barrels in May, three times the original plan, shocking oil traders. Representatives explained that this move aims to punish overproducing member countries like Kazakhstan and Iraq by lowering prices.