Zuesday’s eight major OPEC+ producers agreed to increase crude oil production by 411,000 barrels per day, speeding up scheduled hikes and reducing oil prices.

The ICE Brent contract, delivered in June, traded at $70.50 per barrel, London time (8:32 ET), down 5.94% from the end of Wednesday. The Nymex WTI contract was $67.11 a barrel in the previous month, down 6.41%.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman actually met with the global market conditions and decided to increase collective production by 411,000 barrels per day starting in May. The team is generally expected to implement an increase of less than 140,000 barrels per day next month.

May’s hike agreed on Thursday is “equivalent to three increments per month”, OPEC said in a statementadding: “The gradual increase may pause or reverse the evolving market conditions.”

Eight OPEC+ producers this month began to gradually relax the 2.2 million barrels of voluntary cuts a day, independent of the production strategy with a wider 22-person OPEC+ Alliance, which has approximately 3.66 million barrels of separate cuts a day until the end of 2026.

Thursday’s meeting was the first meeting attended by Kazakhstan’s new energy minister Erlan Akkenzhenov, which had produced efforts above its designated quota.

In a statement Thursday, OPEC said the May hike would “provide an opportunity for participating countries to accelerate their pay” without reference to individual countries, in line with additional production cuts, consistent with overproduction.

Thursday’s decision was made against the backdrop of a wider market, triggered by a commotion triggered by key trading partners announced by the administration of President Donald Trump on Wednesday, who also advocated higher U.S. oil production.