OPEC+ Complies with 115% of Oil Curbs in May

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported.

OPEC+ complied with 115% of the agreed output curbs in May, the source said. It said this week the April figure was 114%.

The organization is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually reduce last year’s record oil output curbs.

About Parvin Faghfouri Azar

Check Also

German Gas Marketer Seeks State Subsidy to Refill Storage

Trading Hub Europe GmbH, the German natural gas market area manager, is holding “intensive discussions” …

Leave a Reply

Your email address will not be published. Required fields are marked *