Eight leading OPEC+ countries have decided to increase oil production by 206,000 barrels per day (bpd) in May (compared to April levels), the organization’s statement said.
The decision was announced following a virtual meeting attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global market conditions and outlook.
Amid the ongoing military conflict in the Middle East, the eight OPEC+ countries underscored the critical importance of safeguarding international maritime routes to ensure the free flow of energy supplies.
The states also expressed concern over attacks on energy infrastructure, which harmed the overall supply availability. They stressed that it is both costly and takes a long time to restore damaged energy assets to full capacity.
They are scheduled to meet again on May 3 to make further decisions.
