Eight OPEC+ countries agreed today to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May.
Eight members of OPEC+ had been scheduled to raise output by 135,000 barrels per day in May as part of a plan to gradually unwind their most recent layer of output cuts.
But after a meeting of the eight countries held online on April 3, the group announced it would boost output by 411,000 bpd in May.
OPEC said that the gradual increases may be paused or reversed subject to evolving market conditions.
The May hike is the next increment of a plan agreed by Russia, Saudi Arabia, UAE, Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million bpd, which came into effect this month.
The eight countries will meet on May 5 to decide on June output.
