It was reported that OPEC+ is set to discuss the possibility of a significant increase in July production at its meeting on June 1. The news raised concerns that global supply is outpacing demand growth, leading to a decline in international crude oil prices on May 22.

West Texas Intermediate (WTI) crude for June delivery decreased by US$0.37 (0.6%), reaching US$61.20/barrel on the New York Mercantile Exchange. Brent crude for the July delivery declined by US$0.47 (0.72%), settling at US$64.44/barrel.