OPEC+ agreed to a larger-than-expected oil supply hike in May, adding 411,000 barrels per day—three times its previous plan. Led by Saudi Arabia and Russia, the decision followed a conference call addressing quota compliance. The move contributed to a crude price slump, with oil futures dropping 5.5% to $70.80 per barrel after U.S. tariff announcements.After multiple delays, the Organization of Petroleum Exporting Countries and its allies have finally begun restoring output this month, reversing cuts made in previous years.
Production will increase by 138,000 barrels per day in April.The decision to accelerate production growth in May aims to pressure members that have been surpassing their quotas while giving them a chance to implement larger compensation cuts for previous overproduction, according to delegates.
Although global oil markets remain fragile due to escalating trade tensions—and many OPEC+ nations rely on higher crude prices to stabilize their budgets—the group has also been under external pressure from U.S. President Donald Trump to “cut the price of oil.”After delays, OPEC+ has begun restoring output this month, increasing production by 138,000 barrels per day.
The accelerated increase in May aims to pressure members exceeding quotas while allowing them to make compensation cuts. Despite fragile oil markets and member nations’ need for higher prices, the group also faces pressure from Trump to lower oil prices.
