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OPEC+ agreed to boost oil supply in May, an increase equivalent to three monthly increments from its previous output hike plan. 
Eight countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—agreed to raise production by 411,000 barrels per day in May.
According to a statement issued by OPEC today, April 3, the announced hikes will cover May as well as two additional months.
The alliance added that these gradual increases could be paused or reversed depending on market conditions, with the flexibility intended to help stabilize oil prices.
Logo ofOPEC
OPEC+ agreed to boost oil supply in May, an increase equivalent to three monthly increments from its previous output hike plan.
Eight countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—agreed to raise production by 411,000 barrels per day in May.
According to a statement issued by OPEC today, April 3, the announced hikes will cover May as well as two additional months.
The alliance added that these gradual increases could be paused or reversed depending on market conditions, with the flexibility intended to help stabilize oil prices.
