06:47 AM EDT, 05/05/2025 (MT Newswires) -- Oil prices in the US declined early Monday as eight members of the Organization of the Petroleum Exporting Countries and its allies, or the OPEC+, announced plans to hike production in June for a second consecutive month.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman said Saturday they will raise combined output by 411,000 barrels per day next month. The cartel said the production increase was equivalent to three monthly increments.

"The gradual increases may be paused or reversed subject to evolving market conditions," it said in a statement. "This flexibility will allow the group to continue to support oil market stability."

Last month, the OPEC+ announced an oil production increase for May faster than expected by the same figure, as part of a plan to gradually unwind production cuts of 2.2 million barrels a day. In April, the OPEC lowered its global oil demand projections for 2025 and 2026 amid macroeconomic uncertainties tied to the US government's tariffs.

West Texas Intermediate dropped 1.5% to $57.40 a barrel in Monday's premarket activity, while Brent decreased 1.4% to $60.44. Exxon Mobil ( XOM ) and Chevron ( CVX ) were in the red before the bell.

WTI finished April down nearly 19%, while Brent lost 16% as President Donald Trump's sweeping new tariffs on imports, including from China, and recession fears weighed on global oil demand. Trump later declared a 90-day pause on certain duties for non-retaliating countries.

China said Friday it is evaluating approaches made by US officials to kick off negotiations on tariffs, while Trump reportedly said on Sunday the White House could finalize trade deals with some countries as soon as this week.

The eight OPEC+ countries will meet at the beginning of June to decide on July output levels, according to the statement.