Saudi Arabia wants further "super-large" production increases from OPEC +

On June 4th, according to people familiar with the matter, Saudi Arabia hopes that OPEC + will continue to accelerate its oil production increase in the coming months, as the kingdom places more emphasis on regaining lost market share. Saudi Arabia, which has an increasingly dominant position in OPEC +, wants the organization to increase production by at least 411,000 barrels per day in August and possibly September, according to people familiar with the matter. Saudi Arabia is eager to lift the production cut as soon as possible to take advantage of the peak demand in the northern hemisphere summer, a person familiar with the matter said. OPEC + has agreed to increase production by 411,000 barrels per day in May, June and July, although their recent meeting saw some differences on this strategy. The Russian-led faction wants to suspend the production increase, but in the end the Saudi view prevails.