The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

Bloomberg reported that Saudi Oil Minister Prince Abdulaziz bin Salman during the meeting invoked the 1973 oil embargo imposed by OPEC that drove oil prices soaring.

Oil prices have dropped, days after OPEC+ agreed to accelerate production for a second straight month. Why it matters: President Trump's tariffs have added downward pressure on prices and raised concerns they could could further lower prices,