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25 March | Oil

OPEC+ sticks to planned oil production hike through May

Brent
WTI Light Crude Oil
OPEC+ sticks to planned oil production hike through May

OPEC+ will increase production by 135,000 barrels per day, marking the second consecutive monthly increase. This move is part of a gradual cancellation of the production cuts implemented since 2022. Reuters reports on this strategy.

In addition to increasing production, OPEC+ is implementing further production cuts for member countries that have previously exceeded their quotas. This aims to balance overproduction by June 2026. Analysts note that high oil prices, low inventories, and growing summer demand support this strategy.

A meeting of the OPEC+ Ministerial Monitoring Committee is scheduled for April 5th to discuss production policy. According to Russian Deputy Prime Minister Alexander Novak, adjustments to the cartel's decision may be made if market conditions change.

Elena Dorokhina MarketCheese

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