OPEC+ to restore remaining voluntarily curbed output: Report

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Key members of the OPEC+ alliance plan to increase oil production quotas in the coming months to resume pumping some of the voluntarily halted supplies by the end of September.

 

The alliance had previously formally agreed to resume pumping about two-thirds of the 1.65 million barrels per day (bpd) of supplies that were voluntarily shut down in 2023.

 

Delegates told Bloomberg on Thursday that producers plan to further increase their targeted quotas and bring back the remaining disrupted supplies in three monthly phases, despite the ongoing conflict that is disrupting oil shipments in the Middle East.

 

This follows an agreement by alliance members to increase production by 188,000 bpd for June at their monthly meeting on May 3. The next meeting, which will review production policy for July and potentially beyond, is scheduled for June 7.

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