OPEC+ group to boost oil output by 411,000 bpd in May under accelerated plan

Eight OPEC+ countries will increase oil production by 411,000 barrels per day (bpd) in May as part of an accelerated plan to unwind voluntary cuts, TASS reported, citing sources close to the group.

The nations — Russia, Saudi Arabia, Iraq, UAE, Kazakhstan, Algeria, Oman, and Kuwait — had pledged voluntary output cuts totaling 2.2 million bpd since early 2024, and began gradually restoring production in April.

An initial plan called for a 135,000 bpd increase in May, but at a meeting on April 3, the group agreed to fast-track the recovery, effectively implementing the full three-month increase in a single month. Output plans for June will be discussed at a meeting scheduled for May 5.

The figures do not account for additional production cuts required to offset previous overproduction. Only Algeria has fully met its reduction targets. The others are expected to compensate for 4.57 million bpd of excess output from April 2025 to June 2026.

Taking into account these compensations, the net increase in May will total 253,000 bpd, after a planned 378,000 bpd in offset cuts.

N.Tebrizli