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OPEC+ agrees on third oil supply surge despite Russia's qualms

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The hike matches increases scheduled for May and June, marking a radical reversal from defending prices to actively driving them lower.
The article from Fortune, dated May 31, 2025, discusses the ongoing tensions within OPEC+ as the alliance faces its third oil supply surge. Saudi Arabia and Russia, key members of the group, are at odds over production quotas and market share, with Saudi Arabia pushing for stricter adherence to agreed cuts to stabilize prices, while Russia resists, seeking to maximize its oil revenues amidst economic pressures. The surge in oil supply is partly attributed to increased production from U.S. shale oil, which continues to challenge OPEC+'s control over global oil markets. The article highlights the delicate balance OPEC+ must maintain to manage oil prices without alienating members or losing market influence, amidst a backdrop of geopolitical tensions and economic recovery efforts post-COVID.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/31/opec-plus-third-oil-supply-surge-saudi-arabia-vs-russia-shale/ ]