A price drop benefits any country seeking to cut its fuel bill. But in oil producing nations, lower prices can feed economic troubles, and sometimes political unrest, as governments slash spending.

Oil prices fell over 1% lower on Friday and recorded for their biggest weekly losses since the end of March, as traders turned cautious ahead of an OPEC+ meeting to decide the group's output policy for June.

OPEC+ shocked the market earlier this month with plans to ramp up crude output, leading oil prices to post their worst monthly performance in years. Now the group of oil producers might add even more barrels.

OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.

OPEC+ agreed on another output surge in June, accelerating a revival of supply for a second month as the group’s leaders seek to chastise overproducing members in a strategy shift that has already sent crude prices plunging.