OPEC+ Meeting Likely to Approve Further Oil Production Increase in May

SEATTLE (Oil Monster): The Organization of Petroleum Exporting Countries and allies, known as OPEC+, is set to meet on Thursday and is expected to approve a further increase in oil production starting from May, according to Reuters, citing sources from the producer group.

The meeting is scheduled to review plans for some members to make additional output cuts to compensate for overproduction in previous periods. A few members had been pumping oil above their assigned quotas, and adjustments are now being considered to rectify the imbalance.

In addition to these adjustments, the group’s plan to continue unwinding their most recent layer of oil output cuts is predicted to stay unchanged for May. This means that the previous decision to gradually increase oil production, in response to the market’s demand, will continue as planned.

The OPEC+ group, which includes major oil producers like Saudi Arabia and Russia, has been managing oil production levels to stabilize global oil prices. The anticipated approval of a further increase in oil production signals their ongoing efforts to meet the global demand for oil and maintain market balance.

Courtesy: www.reuters.com