Sources: OPEC+ plans to increase production for the second consecutive month in May

Jin10 data reported on March 24 that informed sources indicate that, given the stability of oil prices, OPEC+ is likely to stick to its plan to increase oil production for the second consecutive month in May. This would be the second monthly increase conducted under a plan aimed at gradually unwinding the millions of barrels per day production cuts implemented by the alliance since 2022. The organization is also trying to raise the production targets for those member countries that have strictly adhered to previous production targets while pressuring oil-producing countries that have exceeded their quotas to control production and keep it below targets for a period of time as compensation. On March 20, the organization announced that seven member countries would start additional monthly cuts from this month until June 2026. Theoretically, these reductions made to compensate for previous overproduction are greater than the monthly increases. An OPEC representative stated that these compensatory cuts are expected to allow the alliance to continue its monthly increase plan more easily.