OPEC delegate: OPEC+ agrees to increase production by 411,000 barrels per day in June.

Representatives of OPEC stated that OPEC+ member countries have agreed to increase production by 411,000 barrels per day in June. The OPEC+ meeting scheduled for next Monday has been moved up to Saturday, but it is not clear why the meeting was rescheduled. Earlier, four sources had suggested before the meeting that the production increase in June would likely be similar to the one agreed upon in May. The market also mostly expects the organization to significantly increase production again, with the increase similar to that in May. United ICAP energy expert Scott Shelton said, "The market is now completely focused on OPEC, even the tariff war is taking a back seat." Oil traders are prepared for the increase in supply from OPEC+. Oil prices fell over 1% on Friday, with a decrease of 8% this week, marking the largest weekly drop since March.