OPEC+ may continue to increase oil production in May.

OPEC+ is reportedly committed to its plan to increase oil production for the second time in May. According to a Reuters report based on four different sources, the group made this decision to maintain stable oil prices and to offset excessive production by some members in the past. OPEC+ is expected to increase oil production by 135,000 barrels per day in May.

This decision is part of a gradual reversal of the production cuts implemented since 2022, aimed at maintaining market balance and price stability. OPEC+ is also planning to raise production quotas for disciplined members meeting their targets while imposing production cuts on those exceeding them, to compensate for past overproduction. Goldman Sachs warns that a potential decline in Brent oil prices could pressure non-OPEC+ production.