OPEC+ will increase oil output production more than expected: +548,000 (+411,000 expected) ...Middle East

OPEC+ had previously announced increases of 411,000 barrels per day for each month of May, June and July, and this was the increase expected to be announced at Saturday's meeting.

OPEC+ cited:

steady global economic outlookcurrent healthy market fundamentals, as reflected in the low oil inventories

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The background to this is that back in 2023 the group announced 2.2 million bpd in cuts. The 411K boosts to output are unwinding these cuts, the 548K announced Saturday accelerates the unwind.

Notes:

there is still a further 1.66 million bpd of idle capacitydespite the official increase, actual output may fall short This article was written by Eamonn Sheridan at www.forexlive.com.

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