OPEC+ prepares significant increase in oil production.

The OPEC+ group of countries plans to accelerate the increase in oil production and may lift voluntary cuts of 2.2 million barrels per day by the end of October if the participating countries do not improve compliance with quotas. In April, OPEC+ agreed to a faster unwinding of the cuts despite low prices and demand. This move was initiated by Saudi Arabia to punish some members for not adhering to the quotas. The group also agreed to another significant increase in production for June. Overall, nearly 1 million barrels per day are planned to be released in April, May, and June. Thus, OPEC+ plans to increase production in July as well as in August, September, and October if the countries do not improve compliance with quotas and ensure reductions. In December, OPEC+ agreed to a reduction of 2.2 million barrels per day of voluntary cuts until September 2026, but in April agreed to accelerate this process. Oil prices fell in April due to the increase in OPEC+ production and tariffs from the US president. Saudi officials informed about their reluctance to support further supply cuts, and Kazakhstan openly opposed OPEC+ policies, exceeding the quota in April.