Eight OPEC oil producing nations Thursday agreed to boost crude oil production by 411,000 barrels a day, lowering prices by 6%. The increase was much more than expected and starts in May.

Markets were stunned when OPEC when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

Oil majors are suffering after eight OPEC+ countries unexpectedly agreed to increase oil output in May, while tariffs imposed by U.S. administration had a muted effect on the sector, Eni's top executive Francesco Gattei said on Friday.