OPEC+ agreed on another output surge in June, accelerating a revival of supply for a second month as the group’s leaders seek to chastise overproducing members in a strategy shift that has already sent crude prices plunging.

Eight OPEC+ countries meeting on Saturday will likely agree a further accelerated oil output hike for June, four sources with knowledge of the matter told Reuters, the latest step in a plan to unwind the group's most recent layer of output cuts.

OPEC+ shocked the market earlier this month with plans to ramp up crude output, leading oil prices to post their worst monthly performance in years. Now the group of oil producers might add even more barrels.