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OPEC+ oil production cap to grow by 100,000 bpd in May

The oil production cap of OPEC+ countries countries totals 32.71 mln barrels per day in April

MOSCOW, April 7. /TASS/. The oil production cap of OPEC+ countries (Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman) will increase by 100,000 barrels per day (bpd) in May compared to April, according to TASS calculations based on OPEC data.

At the latest meeting, the eight leading OPEC+ states decided to boost oil production in May by 206,000 bpd (compared to April). Meanwhile, in April, only Kazakhstan must compensate for 789,000 bpd of excess production, while in May, Kazakhstan and Oman must compensate for 895,000 bpd of excess production, according to the updated compensation schedule.

According to TASS calculations, the oil production cap of the eight countries totals 32.71 mln barrels per day (mbd) in April, and will rise to 32.81 mbd in May. Thus, the permitted production volume will increase by 100,000 bpd month-on-month.

The next meeting of the eight countries will take place on May 3.

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