OPEC+ countries have supported the decision to increase oil output in May by 432,000 barrels per day, foreign media cited informed sources, Report informs.
Following the meeting of the OPEC+ monitoring committee, it was also decided to recommend countries restore oil production in May at the specified level.
The Saudi energy minister explained last year that the increase in May 2022 (in previous months, production increased by 400,000 barrels per day) was due to the adjustment of the base of reference and the goal of the alliance to get out of production restrictions by September.
OPEC+ cut production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the coronavirus pandemic. The terms of the agreement have been repeatedly adjusted, and since August 2021, the alliance has increased production by 400,000 barrels per day every month. For March, OPEC+ restrictions are 2.56 million barrels per day, for April - 2.16 million.
https://report.az/en/energy/opec-recommends-alliance-members-increase-production/