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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.

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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