Eight OPEC+ member-countries that have agreed to voluntarily cut oil production will hold a remote meeting on Thursday.
The meeting participants are expected to discuss the oil production plan for May and the schedule for compensating overproduction. According to a TASS source, one of the topics at the meeting will be lowering production, as seven out of eight OPEC+ countries exceeded production levels set out in the voluntary cuts agreement.
In the meantime, Reuters reports, citing its sources, that the meeting may decide to increase OPEC+ oil production in May.
According to the schedule posted on the OPEC website, Iraq, Kuwait, Saudi Arabia, the UAE, Kazakhstan, Oman and Russia exceeded production levels set under the cut measures. These countries will need to lower output to 4.203 mln barrels daily from March 2025 to June 2026.
The eight OPEC+ countries are scheduled to meet at noon Moscow time (09:00 a.m. GMT).
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