The Organisation of Petroleum Exporting Countries (OPEC) has agreed to increase its crude oil output by 206,000 barrels per day for the month of May, according to a statement released on Sunday. OPEC delegates said the increase is intended to stabilise global energy markets and ease recent price spikes.
The planned output rise represents a modest adjustment from current production levels, which have been constrained by voluntary cuts from several member nations. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the increase was carefully calibrated to avoid oversupplying the market while addressing immediate shortages.
The OPEC Secretariat in Vienna noted that the decision followed consultations with non-OPEC allies, including Russia, though Moscow has not yet confirmed its participation in the adjustment. The benchmark Brent crude price traded at 92 dollars per barrel on Sunday, down from 98 dollars earlier in the week.Â
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The OPEC decision will take effect on May 1, with member nations expected to submit their individual production targets within the next week. The group’s Joint Ministerial Monitoring Committee is scheduled to meet on April 20 to review market conditions.
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