OPEC+ to increase oil production by 206,000 barrels per day in May

OPEC+ countries have decided to increase their oil production limits in May by 206,000 barrels per day compared to April levels

OPEC+ countries have decided to increase their oil production limits in May by 206,000 barrels per day compared to April levels. This was announced in a joint statement issued by Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.

A similar decision was made in April. Prior to this, production volumes were held unchanged throughout the first quarter due to concerns about overproduction.

According to Bloomberg analysts, the planned increase in May oil production quotas is a symbolic move by OPEC+ against the backdrop of the Middle East conflict, which is limiting oil production and exports.

In this way, the organization's members are sending a signal to global markets that they are prepared to further increase oil production. However, for this to happen, tankers must resume shipments through the Strait of Hormuz.

Meanwhile, spot oil prices, amid a new exchange of airstrikes between the US and Iran, have exceeded $141 per barrel. The market hasn't seen such prices since the 2008 global financial crisis.

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