OPEC+ output boost in May could fall short, says IEA
OPEC+ may increase oil production by less than the planned 411,000 barrels per day (bpd) in May 2025, as several member countries are already producing above their assigned quotas, according to the International Energy Agency (IEA).
"OPEC+ will lift output targets by 411 kb/d in May, but the increase may be substantially lower given overproduction by some countries," the IEA said, News.Az reports, citing foreign media.
The agency believes that virtual growth may total not 411,000 bpd, but 225,000 bpd, since Saudi Arabia is able to increase output by 190,000 bpd from the current levels, while Algeria, Russia and Oman may boost production (due to present overproduction) only by a total of 40,000 bpd.
Global oil supplies grew by 590,000 bpd in March (or by 910,000 bpd in annual terms) to 103.6 mln barrels per day (mbd). Non-OPEC+ countries lead both in terms of monthly and annual growth, the agency noted.
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