May 14, (THEWILL) — Key members of OPEC+ are preparing to press ahead with gradual oil production quota increases in a bid to fully restore the 1.65 million barrels per day (bpd) cuts introduced in 2023 by the end of September, according to a Bloomberg report.
The oil alliance, led by Saudi Arabia and Russia, has already agreed to reinstate nearly two-thirds of the suspended output and is expected to approve three additional monthly quota increases in the months ahead. The planned hikes form part of a broader strategy to stabilise supply while responding to changing market conditions and geopolitical pressures.
Despite the upward quota revisions, actual production growth has remained limited due to disruptions linked to the ongoing Middle East conflict, particularly around the Strait of Hormuz, a critical global oil shipping route. Delegates quoted by Bloomberg said several member countries are struggling to meet revised production targets because of infrastructure challenges, security concerns and export disruptions.
The group is expected to review July production levels at its next policy meeting scheduled for June 7.
Before tensions escalated in the region, eight major OPEC+ producers had begun gradually restoring supplies that were previously cut to manage a global oil glut and support crude prices. The alliance initially removed 1.65 million bpd from the market in 2023 as part of efforts to stabilise prices.
Although OPEC+ approved a modest increase of 188,000 bpd for June at its May meeting, several producers continue to face operational setbacks. Saudi Arabia’s production reportedly fell to about 6.3 million bpd in April, its lowest level since 1990, while Kuwait, Iraq and the UAE have also experienced notable declines.
OPEC nations currently account for about 40 per cent of global crude oil production, underscoring the group’s influence on international energy markets.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
