OPEC Output Surges 120,000 b/d in May Despite Quotas; Russia-Led Allies Cut
The nine OPEC members subject to quotas boosted crude oil output by 100,000 b/d in May, while the bloc’s Russia-led allies cut production. During the hybrid meeting, ministers agreed to roll over 3.6 million b/d of group-wide cuts until the end of 2025 and 2.2 million b/d of voluntary cuts through September, after which they will be gradually eased. Future implications include production baseline talks from which quotas are calculated, with Angola having quit in January.
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