OPEC+ to increase production by 432,000 bpd in May

The OPEC and non-OPEC oil-producing countries (OPEC+) have decided to adjust upward the monthly overall production of oil by 432,000 barrels per day (bpd) for the month of May 2022.

This came during the 27th OPEC and non-OPEC Ministerial Meeting held via videoconference on Thursday.

In a statement issued today, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market, and that current volatility is not caused by fundamentals, but by ongoing geopolitical developments.

The meeting also reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of June 2022.