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%Oil prices, already down substantially on the year, are sliding even lower on news that OPEC+ is planning to raise production in June, potentially swamping the market with supply.

West Texas Intermediate (WTI) crude oil, the U.S. standard, is down nearly 2% and trading at $57.24 U.S. a barrel.

Brent crude oil, the international benchmark, is down 1.5% and trading at $60.32 U.S. per barrel. Globally, oil prices have fallen more than 20% so far in 2025.

The latest decline comes after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to increase output by 411,000 barrels per day starting in June.

The decision comes a month after OPEC+ surprised the market by agreeing to raise production in May by the same amount.

The June production increase is nearly triple the 140,000 barrels per day that investment bank %GoldmanSachs (NYSE: $GS ) had originally forecast and says is needed to meet global demand.

OPEC+ is bringing more than 800,000 barrels a day of additional supply to the market over the course of two months even though evidence points to a slowdown in the global economy.

The economies of China and the U.S., the world’s two biggest consumers of crude oil, show evidence of steep declines, with many economists forecasting a recession for both countries.

However, OPEC+ continues to raise production, saying it anticipates an economic rebound in the second half of this year and leading into 2026.

Oil prices in April posted their biggest monthly drop since 2021 during the depths of the Covid-19 pandemic.

Goldman Sachs is now forecasting that U.S. and Brent crude oil prices will average $56 U.S. and $60 U.S. per barrel, respectively, this year.

Oil majors such as %Chevron (NYSE: $CVX ) and %ExxonMobil (NYSE: $XOM ) just reported first-quarter financial results that fell far short of expectations due largely to lower crude oil prices.

U.S. President Donald Trump continues to call publicly for lower oil prices and relief for consumers at the gas pumps, arguing that a drop in energy costs will bring inflation down.