OPEC+ to Begin Increasing Oil Production Starting in May — Reuters
Photo: Elements.envato.com, ill. purposes
Eight member countries of the OPEC+ agreement have agreed to accelerate the lifting of voluntary oil production cuts. Beginning in May, total output will increase by 411,000 barrels per day — equivalent to three months’ worth of scheduled increases, Orda reports, citing Reuters.
This move marks a partial rollback of previously implemented cuts totaling 2.2 million barrels per day. OPEC+ emphasized that the decision may be revised or suspended depending on shifts in market conditions. Member countries will also be allowed to expedite compensation for earlier shortfalls in production quotas.
Under the revised quota distribution, Saudi Arabia will be permitted to produce up to 9.2 million barrels per day in May, while Russia’s limit will rise to 9.083 million barrels. Kazakhstan is also among the countries authorized to increase output.
The next OPEC+ meeting is scheduled for May 5, where members will assess global oil market conditions and decide on further steps.
Original Author: Artyom Volkov
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