OPEC+ began to gradually restore oil supplies in April

According to Bloomberg, OPEC+ countries began gradually increasing oil output in April. Last month, eight states that agreed to hike supplies raised the total crude production by only 25,000 barrels per day (bpd), far short of the planned 138,000 bpd.

Meanwhile, OPEC+ leader Saudi Arabia added nearly the full amount agreed. However, oil output decreased in other countries that had promised to offset overproduction. These include Kazakhstan and Iraq.

Bloomberg reports that the announced production increases, along with global trade tensions, have contributed to lower commodity prices. Last month, Brent crude oil prices fell to a four-year low of less than $60 per barrel. On Wednesday, prices recovered to around $66 on the London Stock Exchange amid easing global trade concerns.

In May and June, OPEC+ countries plan to increase their oil supply by 411,000 bpd. The Ministerial Monitoring Committee will decide on the July crude production target during a video-conference on June 1.