OPEC+ agrees to increase production by 430,000 barrels per day in May… Slightly raised despite the crisis in Ukraine

The Organization of Petroleum Exporting Countries (OPEC) and OPEC+ (OPEC+), a consultative group of non-member oil-producing countries such as Russia, agreed to an increase in production that did not meet expectations despite concerns about a supply shortage due to the Ukraine crisis.

OPEC announced on its website on the 31st (local time) that it had set a daily increase of 432,000 barrels in May at the OPEC Plus video ministerial meeting.

This is a slight increase from the previous policy of increasing production by 400,000 barrels per day per month. In July of last year, OPEC+ decided to increase production by 400,000 barrels per day starting in August as a way of reducing the scale of production cuts agreed in 2020.

After Russia’s invasion of Ukraine in February, international oil prices soared, and Western countries demanded that oil-producing countries increase their production. On the other hand, Saudi Arabia and the United Arab Emirates (UAE), which are considered oil-producing countries with room to increase production, have maintained a negative stance.

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