OPEC+ still showing restraint
Petroleum Economist analysis shows OPEC bringing back some barrels in May, but fewer than expected, while OPEC+ continues to see output fall
Despite expectations, OPEC+ has not significantly increased its oil production recently, with output remaining relatively stable. The group promised to start boosting production in April with an addition of 138,000b/d that month and 411,000b/d in May. In contrast, some OPEC+ members pledged to compensate for previous higher output by cutting production by 222,000b/d in April and 378,000b/d in May. According to Petroleum Economist, OPEC-9 increased output by 130,000b/d from the start of April until the end of May, while OPEC+ countries showed a drop of 110,000b/d. In fact, it looks like a zero-sum game, although OPEC+ should have reduced production by 51,000b/d, according to these plans. Thus
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