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OPEC+ to Speed Up Output Hikes Over Members' Non-Compliance
May 05, 2025
|Mint Kolkata
Bloc shocked market in April by agreeing to faster-than-expected unwinding of cuts
OPEC+ plans to accelerate oil output hikes and may unwind its 2.2 million barrels per day (bpd) of voluntary cuts by October's end if members do not improve compliance with their production quotas, four people aware of the matter said.
OPEC+ shocked the oil market in April by agreeing a faster-than-expected unwinding of cuts despite weak prices and demand. The move was designed by OPEC+ leader Saudi Arabia to punish some members for poor quota compliance, the persons said.
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