Eight members of OPEC, allies to increase production by 411,000 bpd in May
This story was originally published at 18:45 IST on 3 April 2025
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MUMBAI – Eight member nations of the Organization of the Petroleum Exporting Countries and its allies agreed to increase production by 411,000 barrels per day in May, according to an official statement by the cartel.
"This comprises the increment originally planned for May in addition to two monthly increments," OPEC said. This gradual increase in production may be paused or reversed, subject to market conditions, the cartel said. The eight members of OPEC--Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman--and its allies had announced the gradual unwinding of the voluntary production cuts in March.
The eight countries will meet on May 5 to decide on the production levels for June, the cartel said. End
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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