OPEC+ shocked the oil market in April by agreeing on a faster-than-expected unwinding of cuts despite weak prices and demand. The move was designed by OPEC+ leader Saudi Arabia to punish some members for poor quota compliance, sources have said.

The group, which includes the Organisation of the Petroleum Exporting Countries and allies such as Russia, agreed on another big output hike for June on Saturday, taking the total it plans to release in April, May, and June to nearly 1 million bpd.

OPEC+ will maintain the trend and will likely agree in June to release another 411 000 bpd in July, the four OPEC+ sources briefed on the matter said, speaking on condition of anonymity.

OPEC, the Saudi government's communications office, and the office of Russian Deputy Prime Minister Alexander Novak did not immediately reply to a request for comment.

The group will likely approve accelerated hikes for August, September and October, with the idea of unwinding the remainder of a big portion of voluntary cuts if Iraq, Kazakhstan and other laggards do not improve compliance and deliver compensation cuts, the sources said.

--Reuters--