OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, according to figures given by an OPEC+ source.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, complied with 115% of agreed output curbs in May, the source said. OPEC said this week the April figure was 114%.
OPEC+ is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs, as demand recovers from the pandemic.
Source: Reuters (Reporting by Rania El Gamal; Writing by Alex Lawler; Editing by Peter Graff)
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